Amid growing interest amongst small tech and medium-sized enterprises in gaining access to the larger ASEAN markets, Singapore has agreed to aid Korea in its recent Infocomm Technology (ICT) development plans.
Korea has recognised Singapore for the maturity of its start-up organisational scheme, as it seeks funding for expansion into the Southeast Asian market.
A memorandum of understanding (MoU) was signed between the Infocomm Development Authority of Singapore (IDA) and the National IT Industry Promotion Agency of the Republic of Korea (NIPA) on 14 July to set these plans into place. The launch of the Korea IT Cooperation Centre in Singapore by the Republic of Korea’s Ministry of Science, ICT and Future Planning, in conjunction with the signing of the MoU, serves to affirm this partnership.
The IDA’s involvement will help to strengthen Korea’s plan to scale its ICT businesses on a regional level, as well as accelerate its ingress into ASEAN markets.
The nature of the MoU also introduces cooperation in terms of ICT policies, manpower development, and exchange of thought leadership, which will be beneficial alongside Singapore’s experience as a ‘strong accelerator and investor community’.
Furthermore, the collaboration will serve as a bridge between Singapore’s and Korea’s industries, encouraging growth in partnerships between the two. This synergy, together with Singapore’s recognition as an information and technology hub, may prove to provide large economic and social incentives to both countries as they continue to work in tandem in the long run.
Chan Sik Ahn