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Korea and Singapore hold 1st Digital Economy Dialogue 2023-05-25

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin attended the 1st Korea-Singapore Digital Economy Dialogue on May 19 at the Korea International Trade Association (KITA), where representatives of the two countries’ digital firms gathered to discuss bilateral cooperation measures.

A first digital trade agreement for Korea, the Dialogue was hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Singapore’s Ministry of Trade and Industry (MTI), and held as a follow-up measure to the Korea-Singapore Digital Partnership Agreement (KSDPA)’s coming into force in January, so as to further the benefits of the digital economy by strengthening firms’ cooperative network.

Representatives of 25 digital firms (14 Korean, 11 Singaporean) and approximately 50 KITA member companies attended the Dialogue and shared business experiences on various digital solutions and technologies, including cloud computing, fintech, software-based mobility, augmented/virtual reality, as well as market entry cooperation measures.

Deputy Trade Minister Jeong stated that “as Singapore is a digital hub of ASEAN with superb ICT infrastructure and free corporate environment, synergy created from cooperation with Korea’s ICT and manufacturing technology will be very great,” and added that “the Korean government will endeavor to establish a free and safe digital business environment via establishment of rules and realignment of the internal system.”

The deputy trade chief also held talks with MTI Deputy Secretary Jane Lim on the sidelines of the Dialogue and exchanged views on digital economy, supply chain, green energy and other new trade issues, confirming mutual commitment for cooperation in responding to the rapidly changing global trade landscape.