Singapore companies keen on manufacturing or technology partnerships in Poland or the Czech Republic will soon get a boost.
Trade agency IE Singapore and the Singapore Business Federation (SBF) will be signing memorandums of understanding (MOUs) with key industry partners in the two countries.
This will facilitate collaboration in manufacturing, transport, logistics and infocomm technology, in conjunction with President Tony Tan Keng Yam's state visit to the two countries. The MOUs will be signed during a mission jointly led by IE Singapore and SBF, from todaytill May 26.
More than 20 companies on the mission will have opportunities to network with local businesses in the two countries. The partnerships will help open up the gateway for Singapore companies to enter the European market.
IE Singapore assistant chief executive Yew Sung Pei said that growth in Central Eastern Europe is predicted to be robust, averaging 3.2 per cent this year and 3 per cent next year.
"With the region's availability of skilled labour and advanced technology, we see opportunities for technology collaboration between Singapore and Central Eastern Europe manufacturers. With a foothold in Poland and the Czech Republic, companies can leverage their position to serve the wider EU (European Union) market of 500 million customers."
SBF chief executive Ho Meng Kit said: "Both the Czech Republic and Poland are similar to Singapore in their perspectives to adopt innovation to propel their economies further. We encourage stronger collaboration between the Singapore and Polish business communities in the areas of advanced manufacturing, fintech, info communications, medtech, high-tech agriculture and food security."
He added that Singapore can work with these countries in research and development to develop "transformative solutions".