Singapore’s Ministry of Trade and Industry and India’s Department of Science and Technology (DST) initialed the document, which will allow organizations from both countries more opportunities to work together in these areas.
According to the memorandum, the two countries will explore collaborative projects that could impact various sectors, such as advanced engineering and manufacturing, energy and other emerging technologies.
On Wednesday, DST and Enterprise Singapore also entered into an agreement to facilitate opportunities for companies from both nations to partner in the development of new technologies and innovative solutions.
In this regard, they will launch joint requests for proposals on innovative projects from Singaporean and Indian companies, and funding will be provided for approved projects.
Singaporean Minister in charge of Trade Relations, S. Iswaran, noted that bilateral trade in goods between the two countries increased by 35 percent from $19.8 billion in 2020 to $26.8 billion last year.
Iswaran added that international exchange in technology and research are vital to build commercially viable solutions that can save lives and livelihoods.
The official suggested collaborating in areas such as deep technology, which includes artificial intelligence and involves the construction sector and the built environment.
He also proposed strengthening ties in clean technology, which involves renewable energy, as well as genomics and bioinformatics research.