Singapore, South Korea sign pacts to help SMEs, startups collaborate and go global

By Yunita Ong

SINGAPORE and South Korea on Thursday signed partnerships aimed at strengthening bilateral trade and investment as well as promoting collaboration between companies from the two countries, especially for small and medium enterprises and startups.

The two memoranda of understanding (MOU) were witnessed by South Korean President Moon Jae-in and Prime Minister Lee Hsien Loong, during the former's state visit to Singapore between July 11 and 13.

One partnership, between Enterprise Singapore and South Korea’s Ministry of SMEs & Startups (MSS), will establish "landing pads" in Singapore and South Korea, to provide SMEs and startups from the other country the infrastructure and network to establish themselves, connect with the local startup and innovation ecosystems, and forge collaborations. The first of these "landing pads" will be established by MSS in Singapore by end 2018, with support from Enterprise Singapore. Startups can work with partners such as Action Community for Entrepreneurship (ACE) to grow their business.

There will also be cross-sharing of information and networks between the venture capital ecosystems for South Korea and Singapore, and support for the activities of venture funds co-created by private and government investment vehicles.

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