SBF leads first business delegation to Norway in conjunction with President Tony Tan Keng Yam’s state visit
- The business delegation comprise 13 companies from the energy and maritime, food sourcing and urban solutions sectors
- SBF will ink a three-party Memorandum of Understanding, the first with a Norwegian counterpart
Led by Mr Ho Meng Kit, CEO of SBF, the business delegation is made up of 13 companies from the energy and maritime, food sourcing and urban solutions sectors.
The business delegation’s programme will dovetail with some of President Tony Tan’s official engagements. This includes the Norway-Singapore Business Forum in Oslo, organised by the Norwegian Shipowners’ Association, where 100 participants from Norway and Singapore are expected to attend.
At the Forum, President Tan, alongside Norwegian King Harald V, will witness the signing of a Memorandum of Understanding (MoU) between SBF, Innovation Norway and the Singapore-Norway Chamber of Commerce.
Mr Ho said, “This is the first MoU SBF is inking with our Norwegian counterparts, committing to facilitate information exchange, trade and investment facilitation and technical cooperation. We hope the MoU, for a start, will pave the way for deeper collaboration in energy and maritime operations, urban solutions and more robust bilateral trade in food supplies. Both Norway and Singapore recognise the importance of innovation for businesses to remain competitive and relevant in the face of disruption and rapid technological change. We can work together and harness our knowledge in R&D to become more innovative and productive.”
Mr Tan Soon Kim, Assistant Chief Executive Officer of IE Singapore, said, “Singapore and Norway enjoy close trade and investment ties. We can build on this by tapping on each other’s strengths. Norway possesses technological know-how in liquefied natural gas (LNG), renewable energy, robotics and automation. Singapore has deep knowledge of the regional markets in Asia. Together, our companies can collaborate to pursue opportunities in these sectors in both regions.”
In Tromsø, the business delegation will attend briefings, business-to-business meetings as well as site visits. Through these meetings and interactions, the Singapore delegation will gain insights from Norwegian businesses’ best practices and explore opportunities for collaboration.
According to IE Singapore’s StatLink, Norway was Singapore’s 36th largest trading partner in 2015 with bilateral trade of over S$2.4 billion. With more than 400 companies, Singapore is home to the largest Norwegian business community in Asia, contributing some S$23 billion in inward foreign direct investment (Please refer to Annex A for more information on Norway).