Singapore and the United States signed a Memorandum of Understanding on Tuesday to help their companies work together in infrastructure sector. Both the countries look forward to promote technology partnerships between their companies in third-party markets that will help them to take advantage of each other's position.
Under the MOU a Singapore-US collaboration platform will be set up to focus on opportunities in the infrastructure sector. This will include smart city solutions as well as the digital infrastructure that supports the e-commerce and Financial Technology (FinTech) sectors.
The agreement further establishes strong bilateral economic relationship between the two countries.
CEO of International Enterprise (IE) Singapore, Lee Ark Boon said the agreement would unlock new opportunities for both countries.
According to The Straits Time, Lee Ark Boon said, "Singapore and the US are recognised role models in their respective regions when it comes to planning and developing infrastructure. This MOU paves the way for us to exchange best practices and technologies, thereby unlocking new opportunities and value for companies from both our countries."
The MoU was signed by Mr Luke Goh, Deputy Secretary (Trade), Ministry of Trade and Industry, and Mr Arun Kumar, Director General of the US and Foreign Commercial Service and Assistant Secretary for Global Markets, US Department of Commerce, on the sidelines of PM Lee Hsien Loong's official visit to Washington.
"This MOU deepens the economic ties between Singapore and the US. It facilitates partnerships to spur value creation in infrastructure development, by bringing together our companies' strengths in market knowledge, technology and regional networks," said Mr Goh as reported by another Singaporean newspaper.
President Lee visited US on July 30 and is the first Singapore leader in the last 31 years who has been invited by the US Prime Minister.
PM Lee was greeted by a formal arrival ceremony at the White House after which he attended a close meeting with President Obama in the Oval Office.
PM Lee also visited the Tomb of the Unknown Soldier at Arlington National Cemetery and celebrated Singapore's National day with fellow Singaporeans based in the US.