The MOU will focus on priority sectors including the blue economy such as maritime digitalisation and automation, sustainable urban solutions and clean technologies, healthcare and biomedical sciences, as well as agri- and food-tech and aquaculture.
The agreement, which was signed by ESG CEO Png Cheong Boon and CEO of Innovation Norway Hakon Haugli, also includes the facilitation of business roundtables, study visits, trade missions and networking activities for knowledge exchange, and drive innovation cooperation to address market needs between the two countries.
Underlining the importance of the agreement, Paul Kastmann, Director for Innovation Norway in Singapore, says “Norway has always had a strong connection to Singapore, dating back to the mid-1800s. The ocean industries have traditionally been the most important pillar of this relationship. This is still the case, but relatively new sectors such as smart cities, health tech and food security are growing rapidly”.
“At the same time, the traditional industries are going through disruptive changes, such as digitisation, automation and decarbonisation. Innovation and international collaboration are important to secure the future of our respective industries and with this agreement we aim to strengthen both,” he adds.
“Through the signing of this MOU, we aim to strengthen the scope of collaboration between Norwegian and Singapore enterprises. Singapore enterprises will benefit from market opportunities arising from co-innovation projects with Norwegian corporates,” says Clarence Hoe, global markets director for the Americas and Western Europe at ESG.
“Singapore enterprises seeking to transform their business and solutions would also gain access to Norwegian innovation and technology, especially in the areas of maritime, food, healthcare and infrastructure. Norwegian companies seeking to grow in Asia can tap Singapore’s business infrastructure, financing and vibrant business network to springboard to the region,” he adds.