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  • SBF and KITA step up efforts to boost bilateral trade and investment between Singapore and Korea

SBF and KITA step up efforts to boost bilateral trade and investment between Singapore and Korea

  • Discussing economic collaboration and advanced technology adoption to facilitate sustainable growth in Asia and beyond
12 July 2018 [Singapore] -  Singapore – Korea economic and business relations were given a boost today with the leading business organisations from both sides affirming to leverage each other’s enhance strengths to enhance trade, investment and to jointly develop smart cities in Asia and beyond.

Jointly organized by Singapore Business Federation (SBF) and Korea International Trade Association (KITA), the Singapore-Korea Business Forum (SKBF) was held in conjunction with the State Visit of the President of The Republic of Korea, Mr. Moon Jae-In, to Singapore.

Minister-in-charge of Trade Relations at the Ministry of Trade and Industry, Mr. S. Iswaran, also graced the event.

The Forum aims to spark new partnerships between the Singaporean and South Korean business communities and to deepen the integrated economic ties between the two countries.

With the attendance of prominent speakers and business leaders from both sides, the Forum provides an effective platform to discuss ideas and opportunities in building smart nations through advanced technology adoption, and also explored the role of businesses in facilitating regional economic cooperation.

Mr. Pek Lian Guan, Vice Chairman of SBF said, “Geographically situated in the middle of a vibrant and fast-growing region, Singapore and Korean businesses would benefit from tapping on each other’s complementary offerings to capture burgeoning opportunities.

“As Chair of ASEAN this year, Singapore aims to work with like-minded regional and international partners for open and inclusive partnerships, as well as to leverage emerging partnership opportunities in ASEAN markets by way of Third Country Partnerships.”

SKBF increases the potential for cooperation between business communities from both nations, which in turn will enable the creation of game-changing businesses and increased job opportunities.

Mr. Kim Young-Ju, Chairman & CEO of KITA, commented, “Thanks to Singapore's efforts and dedication to international community, the landmark US-North Korea Summit in Singapore has brought a favorable climate for peace and economic cooperation between the two Koreas. Taking advantage of this favorable climate on the Korean Peninsula, Korea and Singapore will seek new ways to expand the bilateral collaboration on areas ranging from trade and investment to deep tech, including big data and artificial intelligence.”

SKBF is co-organized by SBF and KITA and is supported by the Economic Development Board, Enterprise Singapore, Singapore Chinese Chamber of Commerce and Industry, Association of Small and Medium Enterprises, Singapore Manufacturing Federation, Ministry of Trade, Industry and Energy (Korea), and Korea Trade-Investment Promotion Agency.

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