Singapore and the United States (US) have renewed the US-Singapore Collaboration Platform Memorandum of Understanding (MOU). Both countries agreed to deepen bilateral cooperation in traditional infrastructure areas such as energy and standards, and support the digital economy and new growth areas such as FinTech, e-commerce, smart city solutions, and deep technology.
Since the MOU was first signed in 2016, Singapore and US agencies have collaborated on key events such as the Asia-Singapore Infrastructure Roundtable (ASIR) and the Singapore FinTech Festival. ASIR 2017 provided a platform for Singapore and US companies to exchange views and best practices on infrastructure planning and development, particularly for Asia. In November 2018, several US companies also formed a US Pavilion and exhibited their innovations at the Singapore FinTech Festival.
Bilateral trade in goods and services between Singapore and the US reached nearly USD 75 billion in 2017. In the same year, the US remained the largest foreign investor in Singapore, while Singapore was the US’ second-largest Asian investor.
Singapore and the United States also signed a Declaration of Intent (DOI) to collaborate on a Singapore-US Cybersecurity Technical Assistance Programme for ASEAN Member States, further strengthening partnerships in regional cybersecurity capacity building. It builds on the strong ongoing collaboration under the Memorandum of Understanding on Cybersecurity Cooperation between Singapore and the US, signed in August 2016.
(Sources: Business Times; Ministry of Trade and Industry, Singapore)