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Singapore, Germany forge closer partnerships between SMEs

Xinhua, August 29, 2016 Adjust font size:

Singapore and Germany forge closer partnerships between Small and Medium-sized Enterprises (SMEs) as the inaugural Germany-Singapore SME Funding Program was launched by Singapore's Minister for Trade and Industry (Industry) S. Iswaran on Monday.

Two Memorandums of Understanding (MoUs) were also signed at Germany-Singapore Business Forum 2016 to facilitate partnerships between German and Singaporean enterprises.

The first MoU was signed between AiF Projekt GmbH, on behalf of the German Federal Ministry of Economic Affairs and Energy, and SPRING Singapore to launch the program.

"This program will support Singaporean and German SMEs to undertake joint research and development projects, with a focus on the medical technology, clean technology and advanced manufacturing sectors," said S. Iswaran.

The second MoU was signed between Singaporean-German Chamber of Industry and Commerce (SGC) and Singapore Precision Engineering and Technology Association (SPETA) to benefit companies in the manufacturing and engineering sectors.

Germany and Singapore share long-standing bilateral economic relations. The forum has also evolved to the 12th edition, focusing on deepening more strategic partnerships, and fueling the expansion of SMEs for long-term economic growth.

Germany is Singapore's largest trading partner in the European Union, with 20 billion Singapore dollars (14.7 billion U.S. dollars) of bilateral trade in 2015. Similarly, Singapore is also Germany's largest trading partner in ASEAN. Endit