Singapore and the Republic of Korea sign MOU to enhance cooperation in energy and climate change, fostering sustainable development.
Singapore and the Republic of Korea have solidified their commitment to tackling climate change and promoting sustainable development through the signing of a Memorandum of Understanding (MOU). The MOU was signed by Second Minister for Trade and Industry, Dr Tan See Leng, and Republic of Korea’s Minister for Trade, Ahn Dukgeun, during the latter’s visit to Singapore today.
The agreement outlines a strategic collaboration between the two nations in areas related to energy and climate change. Both countries have pledged to establish discussion platforms, explore potential collaborations, and encourage relevant stakeholders to explore business opportunities not only in Singapore and the Republic of Korea but also in other markets.
The MOU focuses on five key areas of cooperation: long-term emissions reduction strategies and low-emissions pathways, sustainable trade practices for a low-carbon economy, standards and certifications with mutual recognition, energy technologies, and business cooperation between private organizations.
Dr Tan expressed the significance of the partnership, stating, “Singapore and the Republic of Korea are longstanding partners with many mutual interests. This MOU underscores the shared commitment of our countries to drive bilateral cooperation in sustainable development. It will enable win-win commercial opportunities while ensuring environmental integrity. Singapore will step up our efforts to work with like-minded partners like the Republic of Korea to co-create solutions for a sustainable future.”
The economic ties between Singapore and the Republic of Korea have been robust, anchored by the Korea-Singapore Free Trade Agreement and the Korea-Singapore Digital Partnership Agreement. In 2022, the Republic of Korea was Singapore’s 7th largest trading partner, with bilateral merchandise trade amounting to S$70.9 billion, marking a 26% increase compared to 2021. Investment flows between both countries have also seen a substantial rise, averaging 21% per annum from 2017 to 2021. As of the end of 2021, the Republic of Korea was Singapore’s 5th largest source of investments and the 9th largest investment destination.
To oversee the effective implementation of the MOU, a working group comprising government officials from both Singapore and the Republic of Korea will be established.
Source – MTI
