Singapore and Colombia Sign MOU to Boost Collaboration in Tech

Businesses in Singapore and Colombia will have more opportunities to collaborate in areas such as technology and innovation, with a new memorandum of understanding (MOU) inked between the two countries.

The partnership is the first bilateral MOU between Enterprise Singapore (ESG) and ProColombia, a government agency that promotes the South American country’s export of goods and services, foreign direct investment and tourism.

ESG and ProColombia will work together to facilitate partnerships between Singapore and Colombian companies, in key areas of tech and innovation such as artificial intelligence, the Internet of Things, blockchain and digital industries.

Companies will also collaborate on trade, infrastructure – in smart city and smart governance – and energy, said ESG on Tuesday (Jan 25).

Colombia is Latin America’s fourth largest economy, with a gross domestic product (GDP) of US$683.9 billion (S$920 billion). It is expected to grow 5.5 per cent this year.

The country was Singapore’s sixth largest trading partner in Latin America and the Caribbean last year, with total trade in goods amounting to $327 million – a 17 per cent increase from 2020.

The partnership was signed by ESG’s global markets director Clarence Hoe and ProColombia president Flavia Santoro in Bogota, Colombia, ahead of the formal signing of the Pacific Alliance-Singapore Free Trade Agreement.