Foreign Ministers of Singapore and Portugal meet to enhance bilateral relations and inaugurate the Singapore-Portugal Innovation Alliance
ON 5th January 2024, Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan, and Minister of Foreign Affairs of Portugal, João Gomes Cravinho, held a significant meeting to reaffirm the strong bilateral ties between the two nations. This meeting, part of Dr. Balakrishnan’s official visit to Portugal from 3 to 6 January 2024, highlighted the growth in trade and mutual interests in innovation and renewable energy.
The ministers noted the remarkable increase in trade between Singapore and Portugal, with 2022 seeing a 71.6% rise from the previous year, reaching S$1.6 billion. They agreed to further strengthen economic and bilateral relations, focusing on emerging areas like innovation and renewable energy.
The meeting also emphasized the importance of business and people-to-people exchanges. Portugal’s use of the EU-Singapore Free Trade Agreement was highlighted, positioning Singapore as a gateway to Southeast Asia’s vast economic opportunities. Notable investments such as PSA’s involvement in the port of Sines and Energias de Portugal’s (EDP) commitment to green energy in Southeast Asia were discussed.
A key outcome of the visit was the inauguration of the Singapore-Portugal Innovation Alliance (SPIA) by Ministers Balakrishnan and Cravinho. SPIA aims to boost collaboration among startups and tech companies, fostering business networks and facilitating market entries in both regions. Minister Balakrishnan also met with Lisbon’s Mayor Carlos Moedas, discussing Lisbon’s potential as a startup hub and agreeing to enhance exchanges in innovation, housing, and public service.
Source – MFA
