SG fosters deeper collaboration with Abu Dhabi

The two markets discussed collaboration plans in five key areas.

Singapore has discussed plans to deepen future collaboration with Abu Dhabi in five key areas namely, innovation, digitalisation and fintech, skills and capacity development, low-carbon maritime initiatives, and food security.

Minister-in-Charge of Trade Relations S Iswaran and Chairman of the Abu Dhabi Executive Affairs Authority Khaldoon Khalifa Al Mubarak discussed these plans and reaffirmed Singapore and United Arab Emirates (UAE) bilateral economic ties at the 14th Abu Dhabi-Singapore Joint Forum (ADSJF) in Abu Dhabi.

On innovation, the two markets had already established a Global Innovation Alliance (GIA) node, which connects Singapore companies to business and tech communities in Abu Dhabi and vice versa. 

The Ministry of Trade and Industry (MTI) also reported that EnterpriseSG and Hub 71 signed a Memorandum of Understanding (MoU) aimed at supporting startups in both countries. 

“Under the MoU, EnterpriseSG and Hub71 will work together to provide support to startups, including mentorship, access to networks and
resources, and opportunities for cross-border collaboration,” the MTI said.

On digitalisation and fintech, the two markets are working on Phase II of the exchange of digital trade documents utilising Singapore’s TradeTrust framework in live transactions conducted between Singapore and Abu Dhabi.

“In addition, the NUS Asian Institute of Digital Finance and ADGM Academy are collaborating on Fintech solutions under an MOU signed in March 2022, which entails joint research of real-world problems facing the financial services sector,” the MTI reported.

On skills and capacity development, Singapore and UAE had already signed a strategic partnership to cooperate in the education sector to facilitate greater exchanges between both countries in skills and knowledge development.

Meanwhile, Singapore and UAE also discussed potential collaboration in green and digital shipping, including piloting green and digital solutions, and in food trade, particularly in agri-tech and supply chain resilience.