WASHINGTON DC – A Memorandum of Understanding was signed between Singapore and the United States early Tuesday (Aug 2) to foster greater collaboration and promote technology partnerships between their companies in third-party markets, at the sidelines of Prime Minister Lee Hsien Loong’s official visit to the United States. 

The MOU was signed by Mr Luke Goh, Deputy Secretary (Trade), Ministry of Trade and Industry, and Mr Arun Kumar, Director General of the US and Foreign Commercial Service and Assistant Secretary for Global Markets, US Department of Commerce.

Under the MOU, a Singapore-US Collaboration Platform will be established to focus on opportunities in the infrastructure sector, which includes smart city solutions as well as the digital infrastructure that supports the e-commerce and Financial Technology (FinTech) sectors.

“This MOU deepens the economic collaboration between Singapore and the US. It facilitates partnerships to spur value creation in infrastructure development, by bringing together our companies' strengths in market knowledge, technology and regional networks,” said Mr Goh.

“This MOU also strengthens Singapore's positioning as a gateway to the growing South-east Asia market,” he added.

In 2014, US foreign direct investment to Singapore was valued S$152.7 billion, making Singapore the largest investment host of the US in Asia. Similarly in that year, Singapore was the single largest Asean investor in the US, with direct investment abroad to the America valued at S$12.2 billion.

Earlier in the day, PM Lee met Secretary of the Treasury Jacob Lew, Secretary of Defence Ashton Carter and Secretary of Commerce Penny Pritzker.