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Singapore, U.S. sign deal to promote tech partnerships

Staff Writer |
A Memorandum of Understanding was signed between Singapore and the United States to promote technology partnerships at the sidelines of Prime Minister Lee Hsien Loong’s official visit to the United States.

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

Under the MOU, a Singapore-U.S. 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.

In 2014, U.S. foreign direct investment to Singapore was valued S$152.7 billion, making Singapore the largest investment host of the U.S. in Asia.

Similarly in that year, Singapore was the single largest Asean investor in the U.S., with direct investment abroad to the America valued at S$12.2 billion.

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