Seoul and Singapore have agreed to expand their cooperation in trade, industry and energy.
South Korea's trade ministry said Thursday that trade minister Kim Hyun-chong and his Singaporean counterpart signed three memorandums of understanding during President Moon Jae-in's state visit to Singapore.
"We believe that Singapore, as the business, financial and logistics hub of Southeast Asia, can play a pivotal role in expanding Korea's trade with other Asian countries. Singapore has contributed greatly to investing in South Korea's venture companies. So joint funds were created three times -- and all were carried out succesfully. We hope to expand these kinds of funds in the future."
Under these agreements, the two countries plan to deepen their cooperation in developing state-of-the-art technology in areas such as artificial intelligence, bio and medical products, and the Internet of Things.
Seoul and Singapore will also seek to promote free trade on a bilateral and multilateral level, as both countries are members of the 16-member Regional Comprehensive Economic Partnership.
The two governments plan to launch a committee to oversee progress on their bilateral Free Trade Agreement, within six months.
They also agreed to jointly research and nurture smart grid systems in their countries for more energy efficiency, which could be commercialized for other markets, including those in the Asia Pacific.
The Korea Trade-Investment Promotion Agency and Korea Gas Corporation also concluded MOUs with local companies in Singapore, on developing smart city projects and cooperating on LNG trading and swaps.
Oh Soo-young, Arirang News.