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  • SBF’s inaugural Overseas Market Workshop to South Korea provides Singapore companies a first-hand look at its smart city and Industry 4.0 initiatives

SBF’s inaugural Overseas Market Workshop to South Korea provides Singapore companies a first-hand look at its smart city and Industry 4.0 initiatives

  • Organised by SBF and supported by Enterprise Singapore, this business mission aims to foster closer business collaboration between the two countries in the age of the smart economy and Industry 4.0
  • This 5-day workshop – involving 26 senior executives from 22 companies – is a follow up to the state visit by the South Korean President to Singapore in July 2018 to enhance cooperation in trade, environment and small and medium-sized enterprises and start-ups
  • The itinerary includes a Singapore-Korea Business Matching Seminar to provide a platform for Singapore and Korean companies to meet and discuss potential business collaborations

15 October 2018 [Singapore] -
The Singapore Business Federation (SBF) is leading a delegation of 26 senior business representatives from 22 companies to learn about smart city and Industry 4.0 technologies and initiatives in South Korea.

The Overseas Market Workshop (OMW) to Korea is supported by Enterprise Singapore, and involves the participation of many in-market stakeholders, such as the Korea Trade-Investment Promotion Agency (KOTRA), Busan Metropolitan City, Gyeonggi Business Centre, Korea International Trade Association (KITA), Korea Chamber of Commerce and Industry (KCCI), Korea Federation of SMEs, Smart City Association and Singapore-Korea Business Group.

The delegation is led by Mr Sam Cheong, Vice Chairman of SBF China & North Asia Business Group EXCO and Managing Director of Group Commercial Banking, United Overseas Bank (UOB) Limited. The delegation co-leader is Mr Tan Soon Kim, Assistant CEO of Enterprise Singapore.

The OMW to Korea is a follow-up to the state visit by His Excellency Mr Moon Jae-in, President of the Republic of Korea, who led a high-level delegation to Singapore in July this year. President Moon also graced the Singapore-Korea Business Forum organised by SBF to foster greater business cooperation between Singapore and Korea in the new era of the smart economy and Industry 4.0.

Over the course of the 5-day programme, the Singapore delegation will have an opportunity to appreciate the Korean government’s drive to promote smart cities, high-tech manufacturing, innovation and business transformation. The itinerary includes visits to key stakeholders in smart city developments in Seoul, Busan and Gyeonggi, such as Busan Metropolitan City, Busan Eco Delta City and Pangyo Zero City. The delegates will also have an opportunity to meet with the Korea Startup Alliance, Smart Fintech Research Centre (Sogang University), Blockchain Media, and visit Smartium, Sartorius, Shinsung Engineering, KT Square and Samsung D’light Museum to learn about real-life business applications of smart-city technologies and Industry 4.0.

A highlight of this workshop is the Singapore-Korea Business Matching Seminar, where the delegation will hear from KOTRA, KT Corporation and Korea’s Smart City Association on Korea’s national-level initiatives on smart economy and manufacturing – which will boost productivity and spur Korea’s new growth trajectory for its future generations. In addition, one-on-one business matching sessions will be organised for Singapore companies to explore business opportunities with relevant Korean companies.

The Singapore delegation will also be privileged meet with Mr Yip Wei Kiat, Singapore's Ambassador to the Republic of Korea and Singapore companies in Korea during the OMW to Korea Welcome Dinner.

Commenting on the OMW to Korea, Mr Sam Cheong said: “As market leaders in innovation, there is a lot of synergy for Singapore and Korea to interact regularly for mutual learning. SBF’s inaugural Overseas Market Workshop to Korea provides a valuable platform for our companies to gain insights into the latest technologies and innovations in Korea, which has ranked as the most innovative country worldwide for five consecutive years on the Bloomberg Innovation Index.

The learning, as well as closer network established during the programme, will enable our firms to transform their business models, and eventually build more business collaborations between Singapore and Korean companies.”

Mr Tan Soon Kim, Assistant CEO, Global Markets, Enterprise Singapore said: “Seoul, Gyeonggi and Busan are at the forefront of the digital and smart cities development program in Korea because of a high concentration of leading industries and companies present in these cities.

“This in-market workshop provides an opportunity for Singapore companies to learn first-hand the plans and solutions in place for smart cities development. Whilst Korean companies may have comprehensive solutions, Singapore companies too may be able to offer services in niche areas to complement them.

“We have good solutions in areas such as e-government services, smart energy, master-planning and integration of work-live-learn-play concepts, amongst others. In partnership with SBF, Enterprise Singapore hopes to identify a few projects for our companies to pursue subsequent to the trip.”

"South Korea has a strong vision in enabling liveable smart cities and has notably made significant advancements in its smart city transformation in the last decade. I am looking forward to meet and learn from new partners this trip, and to explore collaboration and investment opportunities for Jing King Tech in the area of smart technology deployment and adoption," said OMW to Korea delegate Mr Anthony Ong. Mr Ong is the Group CEO of Jing King Tech.

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