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ECONOMY, MARKETS & INVESTING | Staff Reporter, Singapore

Singapore and Suzhou boost trade partnerships

They eye to bolster manufacturing, biomedicine, and nanotechnology applications.

Enterprise Singapore (ESG), Agency for Science, Technology and Research (A*STAR) and Suzhou Industrial Park Administrative Committee (SIPAC) inked deal to bolster partnerships in emerging industries such as advanced manufacturing, biomedicine, and nanotechnology applications, an announcement revealed.

Under the Memorandum of Understanding, Enterprise Singapore will work with SIPAC to set up a Global Innovation Alliance (GIA) node in incubation space initiative BLOCK71@Suzhou. SIPAC will also establish its first offshore innovation and entrepreneurship base in Singapore to facilitate the expansion of SIP-based companies to Singapore and rest of Southeast Asia.

ESG will also partner A*STAR, including its commercialisation arm, Exploit Technologies to aid Singapore tech startups and companies set up, test-bed, and commercialise their solutions in Suzhou Industrial Park (SIP). In particular, A*STAR will be in charge of assisting companies in R&D, productisation, commercialisation as well as in marketing efforts.

Moreover, ESG will also help firms to further understand the latest developments in SIP and connect them to partners situated in Jiangsu province to boost Singapore’s startup ecosystem.

SIPAC will formulate relevant strategies and policies and funding support for selected projects to help develop tech firms from Singapore and China. It will also partner ESG and A*STAR to look at potential green lane approval by the China Food and Drug Administration (CFDA) for new biomedicine solutions developed by Singapore and Suzhou companies.

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