SK and S'pore companies discuss best ways to cooperate on digital economy

South Korean and Singaporean companies discussed ways Friday to cooperate on digital platforms and technologies and to jointly make inroads into the related global market, Seoul's industry ministry said.

Some 25 digital firms, as well as dozens of other companies from the two nations, held their first Digital Economy Dialogue in Seoul, as the two nations have moved to strengthen their ties in the digital realm by signing the bilateral Digital Partnership Agreement last year, according to the Ministry of Trade, Industry and Energy.

During the Digital Economy Dialogue, participating companies seized the opportunity to share their experiences and insights in various areas, including fintech, cloud service and other digital solutions. The discussions also revolved around the development of digital platforms and technologies, with an emphasis on identifying opportunities for collaboration and the creation of new business prospects.

On the sidelines of the dialogue, Deputy Trade Minister Jeong Daejin met with his Singaporean counterpart, Jane Lim, and agreed to work closely together to respond to fast-changing global trade circumstances by beefing up bilateral cooperation on digital economy, supply chains and green energy sources, among other things, the

Singapore has outstanding ICT infrastructure and good corporate circumstances, and South Korea secures digital manufacturing technologies. Bilateral cooperation, therefore, is expected to create synergies."

Deputy Trade Minister

Jeong Dae-jin

ministry said.

"Singapore has outstanding ICT infrastructure and good corporate circumstances, and South Korea secures digital manufacturing technologies. Bilateral cooperation, therefore, is expected to create synergies," Jeong said.

Corporate exchanges between the two nations in the digital sector have gathered pace recently.

For one, South Korea's top carmaker Hyundai Motor Co. signed an agreement with Singapore's telecommunication giant Singapore Telecommunications, or Singtel, to deploy the latter's 5G network solutions at its innovation center in Singapore, which involves an electric vehicle production facility.

The Ministry of Trade, Industry, and Energy highlighted that Singapore ranks as South Korea’s 11th-largest trading partner and shares a similar level of digitisation, making it an ideal partner for future initiatives.