SINGAPORE (Nov 29): ST Engineering and the Singapore Economic Development Board (EDB) are teaming up to build new engines of growth by creating globally competitive industry ecosystems in Singapore.
On Thursday, ST Engineering and EDB signed a Memorandum of Understanding (MOU) for a strategic growth partnership.
The two will work closely to identify and develop growth strategies for targeted industries, such as robotics, smart mobility and health tech, which could be globally competitive business areas for Singapore and ST Engineering.
ST Engineering will lead or participate in joint ventures or alliances with MNCs, local large enterprises, SMEs and startups to offer end-to-end solutions. This includes collaborating with external technology partners to innovate and commercialise new products, services and solutions internationally.
As for EDB, the partnership will expand the board’s efforts to develop a cluster of global-ready companies in Singapore, “with a world-class workforce that is future-ready and equipped with both breadth and depth in technology and engineering capabilities”.
Chng Kai Fong (right), Managing Director, EDB, “Helping Singapore enterprises succeed in growth areas and international markets is a key element of EDB’s agenda, as they are key to innovation-led growth. By supporting ST Engineering in its efforts to grow and expand, we hope to create opportunities for like-minded partners to come into the ecosystem and build stronger business offerings together, so that Singapore can compete and benefit from the growth of these industries globally.”
Vincent Chong, President & CEO, ST Engineering, says, “The new economy calls for Singapore companies to go global as a network for synergies, competitiveness and agility. As a global technology, defence and engineering Group, we collaborate extensively with partners and spearhead ecosystems. We welcome this opportunity to work with EDB to champion industry ecosystems and drive the success of global businesses in domains that support the growth of Singapore, while delivering value for our customers and partners.”
