Seoul, Singapore to strengthen trade, technology ties

SEOUL – Meeting in Singapore, South Korean President Moon Jae-in and Singapore’s Prime Minister, Lee Hsien Loong, have agreed to expand co-operation on several areas, including trade and investment in human resources. They agreed to expand exchanges of high-level officials and students studying advanced technologies. They also plan to expand two-way trade, currently at around US$20 billion, and promote investment by concluding talks on revision of  the double taxation agreement. 

They will also work together in facing challenges brought about by the fourth industrial revolution and other large-scale economic shifts. 
"If we combine our technology and resources, we will be able to achieve great success in areas such as advanced manufacturing, artificial intelligence, big data, fintech, biotechnology and medical devices," said Moon. 
"We will also cooperate on the development of smart cities in third countries.

“Singaporean firms are skilled in the development and management of smart city projects, especially in terms of software, while Korean firms have strengths in IT and hardware.”

Moon expressed his gratitude to Prime Minister Lee for hosting the recent U.S.-North Korea summit. www.korea.kr