More Singapore-South Korea flights, other pacts inked with Seoul
Business and technology partnerships set to grow between both countries' enterprises
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Prime Minister Lee Hsien Loong with South Korean President Moon Jae-in at Seoul's presidential Blue House on Nov 23, where the two leaders witnessed the signing and exchange of cooperation pacts in standards and conformance, manufacturing of pharmaceuticals, smart cities and cyber-security cooperation. They also welcomed the growing cooperation between the two countries.
PHOTO: MCI
Grace Ho Senior Political Correspondent In Seoul, Grace Ho
Singaporeans can look forward to more flights to South Korea, thanks to an expanded air services agreement formalised yesterday.
Under the pact, which comes into effect on Tuesday, Singapore and South Korean carriers can operate any number of passenger and cargo flights between any destinations in both countries.
They can also better connect their services through third countries, and connect their services beyond South Korea and Singapore to those other countries.
The announcement was made in conjunction with a meeting yesterday between South Korean President Moon Jae-in and Prime Minister Lee Hsien Loong at Seoul's presidential Blue House, where both leaders welcomed the growing cooperation between South Korea and Singapore.
Underscoring the multi-faceted nature of bilateral ties, the two leaders witnessed the signing and exchange of cooperation pacts in standards and conformance, manufacturing of pharmaceuticals, smart cities and cyber-security cooperation.
The expansion of the air services agreement is expected to improve connectivity and boost bilateral tourism and trade. It also opens up the possibility for carriers on both sides to mount more and new services between Singapore and any point in South Korea, including directly to and from Jeju Island.
Currently, Singapore Airlines (SIA) operates 28 weekly services to Seoul and flies to Busan four times a week. Scoot operates three weekly services from Singapore through Taipei to Seoul.
Also announced was the establishment of a Korea Start-up Centre in Singapore next year by South Korea's Ministry of SMEs and Start-ups with the support of Enterprise Singapore (ESG).
The centre, the first in South-east Asia, will provide South Korean small and medium-sized enterprises (SMEs) and start-ups with the infrastructure and network to set up in, and plug into, Singapore's start-up and innovation ecosystem. It will be a full-fledged facility offering networking events, physical work spaces as well as services on business set-up.
28 Number of weekly services SIA operates to Seoul; it flies to Busan four times a week. Scoot operates three weekly services from Singapore through Taipei to Seoul.
ESG and the Korean Agency for Technology and Standards also inked a memorandum of understanding (MOU) yesterday on standards and conformance. It aims to promote knowledge exchanges, focusing on key areas in smart cities and smart manufacturing.
Commenting on the new centre and MOU, ESG's assistant chief executive officer, Mr Tan Soon Kim, said: "Such cooperation will pave the way for more business and technology partnerships between Singapore and South Korea enterprises as they grow and scale their businesses globally."
Director-General of the Korean Ministry of SMEs and Start-ups, Mr Rho Yong-seok, said: "Singapore is one of our most important partners, which also could be a gateway for South Korea SMEs and start-ups to advance into the Asean market."
The agreements yesterday follow President Moon's state visit to Singapore in July last year, where six pacts were exchanged in areas such as small and medium-sized enterprises and start-ups, research and development, and the environment.
South Korea is Singapore's ninth largest trading partner with total trade amounting to $40.3 billion last year. It is the Republic's sixth largest source of investments in Asia, with a cumulative direct investment of $20.8 billion.
Figures from South Korea's Ministry of Trade, Industry and Energy show Singapore was the sixth largest investor in South Korea last year with foreign direct investment of US$1.48 billion (S$2 billion).
