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Korea and Singapore discuss cooperation in new industries and carbon neutrality 2023-11-21

Minister for Trade Dukgeun Ahn held a trade ministers’ meeting with Singaporean counterparts on November 21 in Singapore and the two sides agreed to expand forward-looking cooperation in achieving carbon neutrality, supply chain and digital economy.

The two countries are aiming to upgrade their economic cooperation in new industries and strengthen the intraregional economic security through attaining joint goals like net zero by 2050 and enhancing supply chain resiliency.

Trade Minister Ahn first met Singapore’s Trade and Industry Minister Gan Kim Yong on November 21 to discuss industrial cooperation for strengthening the supply chain and collaboration in new industries, such as electric vehicles (EVs). The meeting was followed by talks with Singapore's Second Minister for Trade and Industry Tan See Leng to discuss measures to deepen cooperation on energy technology, standards, expanding the utilization of clean energy sources like nuclear power and hydrogen, as well as achieving carbon neutrality by 2050. The two sides signed a Korea-Singapore Green Economy memorandum of understanding (MOU) containing detailed implementation measures.

Next, the trade chief met with Lim Ming Yan, Chairman of the Singapore Business Federation, and requested the support of over 4,000 multinational companies’ regional headquarters in Singapore to support and partake in the Carbon Free (CF) Alliance initiative.

Meanwhile, Trade Minister Ahn also attended the completion ceremony of the Hyundai Motor Group Innovation Center in Singapore and gave a congratulatory message, stating that he looks forward to seeing the synergy from Korea’s EV manufacturing technology and Singapore’s logistics and financing competitiveness produce success cases for both countries’ green economic cooperation.