Singapore and the Republic of Colombia have recently signed a Memorandum of Understanding (MOU) for greater collaboration and deeper economic ties between the two countries and companies within their respective nations.
This MOU will help businesses in these two countries have more chances for collaboration in technology and innovation.
This is the first bilateral MOU to be inked between Enterprise Singapore (ESG) and ProColombia, the Colombian government agency in charge of promoting the export of goods and services, foreign direct investment, and tourism.
Under the MOU, both entities will work together to strike up business partnerships between Singapore and Colombian companies. Key areas of technology and innovation (emerging technologies such as Industry 4.0, Artificial Intelligence (AI), Internet of Things (IoT), blockchain and digital industries), trade, infrastructure (smart city and smart governance), and energy, will be explored.
Colombia, Latin America’s fourth-largest economy (with a GDP of US$683.9 billion) is expected to grow 5.5% this year. It was also Singapore’s sixth-largest trading partner in Latin America and the Caribbean last year, with total trade in goods amounting to $327 million – a 17% jump from 2020.
The Colombian government is interested in bolstering trade and investment ties with Singapore, a key partner for its expansion to the Asia-Pacific region.
Meanwhile, some Singapore companies have successfully expanded into Colombia.
According to Tan Soon Kim, Assistant Chief Executive Officer of ESG: “This MOU builds on Singapore’s economic relations with Colombia and affirms our commitment to work together. The consumer, trade, and infrastructure sectors are important growth drivers of the Colombian economy. The country is also making inroads into technology and innovation. With Colombia also a part of the Pacific Alliance, this MOU will facilitate Singapore companies with aspirations to diversify to Latin America as well.”
