Singapore & South Korea sign agreements to support startups and SMEs

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Singapore and South Korea have inked two agreements that will provide opportunities for small and medium enterprises (SMEs) and startups in both countries to sharpen their competitive edge and internationalise.

The two Memoranda of Understanding (MOUs), witnessed by President Moon and Singapore Prime Minister Lee Hsien Loong, establish new partnerships that drive collaboration and co-innovation between Korean and Singapore enterprises, especially among small and medium enterprises and startups. These partnerships will offer opportunities for larger and smaller
enterprises in both countries to expand into new markets, and jointly tackle cross-border projects through business alliances.

Png Cheong Boon, Chief Executive Officer, Enterprise Singapore said, “Singapore-South Korea economic relations have been growing steadily over the years. It is important for us to build stronger ties by catalysing a greater exchange of ideas, technology and investment
flows that companies from both countries can leverage as they grow and globalise their businesses.”

As a start, the two economic bodies will co-operate on establishing landing pads in the respective markets to provide infrastructure and networks for SMEs and startups to set up in, connect with local startups and innovation eco-systems, and catalyse collaborations. The first landing pad will be established in Singapore by end 2018, with support from Enterprise Singapore. It will be complemented by existing programmes and partners, such as the Action Community for Entrepreneurship (ACE), which startups   from both countries can work with to grow their businesses.

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