IE Singapore and EBRD deepen strategic partnership

Signed MOU pushes for more corporate collaboration.

IE Singapore and EBRD has signed a memorandum of understanding agreeing to explore ways to increase collaboration for companies, as emerging markets in Europe and central Asia actively seek to diversify and modernise their economies. 

Both parties will identify project opportunities in emerging markets within Europe as well as central Asia, primarily Russia and Turkey. Such projects will be in sectors that include, but are not limited to: Information and communications technology (ICT), municipal and environmental infrastructure, power and energy, transport, and urban development (including smart cities and eco-cities).

"Singapore companies are regarded as suitable and efficient partners to reduce European and central Asian companies’ reliance on the EU market," said IE Singapore.

"Emerging European and central Asian markets today still hold pent-up demand for high-quality products and services that are often supplied by foreign companies. Their developmental needs are aligned with sectors where Singapore companies have strong competencies in. These include urban planning services, information and communications solutions as well as high-tech municipal and environmental infrastructure," it added.

Mr Teo Eng Cheong said, “Singapore companies’ expertise and capabilities are complementary to the developmental needs of emerging European and central Asian markets. The investment environment there is favourable for our companies, with its highly-skilled, well-educated workforce and enterprises. IE Singapore will partner the EBRD to help Singapore companies capture opportunities through funding and facilitating business collaborations. Companies can tap into our combined assistance, extensive experience and strong network to navigate the complexities and challenges of emerging Europe and central Asia.

Sir Suma Chakrabarti said, “Singapore companies are important for the EBRD because they can work with us in helping emerging market economies flourish. Singapore companies have the right set of skills to raise standards and transfer expertise to these markets as they develop. The EBRD’s project financing, good understanding of local business environments as well as strong relationships with key authorities and local enterprises within Europe and central Asia, will benefit Singapore companies.