News

Economy

Staff Reporter

, Singapore

Published:

1 year ago

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Singapore inks 10 MOUs with South Korea to boost bilateral trade ties

The MOUs cover sectors including automotive and entertainment technology.

The Singapore Business Federation (SBF) and the Korea Chamber of Commerce and Industry (KCCI) signed 10 memorandums of understanding (MOUs) at the Singapore-Korea Business Forum.

The MOUs cover various industries, including automotive, renewable energy, food export, and entertainment technology.

This initiative will boost bilateral trade and investment between Singapore and South Korea.

South Korea is one of Singapore’s top 10 trading partners. Likewise, it views Singapore as an attractive hub for innovation, R&D, and high-tech manufacturing, as well as a gateway into the Southeast Asia region.

“We last led a delegation of 20 senior business representatives from 16 companies to South Korea in May 2023 and have since noted a steady increase in the number of Korean companies incorporated in Singapore joining SBF. We look forward to facilitating their business interactions with other Singapore-based companies through our events and initiatives,” Andrew Kwan, vice-chairman and honorary secretary of SBF said.

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