Singapore and Sweden are set to enhance their collaboration in advanced technologies and social cohesion, as announced by Singapore’s President Tharman Shanmugaratnam during his state visit to Sweden. This agreement aims to bolster economic competitiveness and support businesses in both nations.
The partnership will focus on areas such as semiconductors, artificial intelligence, quantum technologies, the Internet of Things, and the next generation of mobile networks, including 5G and 6G applications. A joint declaration on strategic cooperation in trusted and innovative technologies was signed, coinciding with the 60th anniversary of diplomatic relations between the two countries.
President Tharman emphasized the mutual benefits of learning from each other’s economic strategies, highlighting Sweden’s successful integration of social equality with entrepreneurship. He pointed to Sweden’s robust start-up ecosystem, supported by a network of investors, mentors, and business founders, as a model for Singapore to enhance its start-up funding and innovation efforts.
The discussions also underscored the importance of predictable regulations and support for international business expansion, steering clear of direct intervention in corporate strategies. This approach is seen as vital for helping companies compete globally.
Furthermore, the leaders focused on fostering cooperation between employers and trade unions, particularly in areas such as worker training, job transitions, and adapting to industry changes. Both countries are committed to ensuring that economic transformation creates opportunities while providing support for workers.
During his five-day visit, President Tharman engaged with Swedish companies such as Spotify, Ericsson, and Volvo, exploring avenues for deeper business and technological cooperation. The visit signifies an ongoing expansion of bilateral collaboration that has evolved over six decades, covering sectors from defense technology to research, education, and energy.
Looking forward, the strengthened relationship aims to enhance innovation, promote inclusive growth, and improve competitiveness in a challenging global environment.