To build new engines of growth and to create global competitive industry ecosystems in Singapore, ST Engineering and the Singapore Economic Development Board (EDB) have signed a Memorandum of Understanding (MOU) for a strategic growth partnership.
On one side, ST Engineering will lead or participate in building alliances with MNCs, local large enterprises, SMEs and startups to offer end-to-end solutions, on the other the partnership will help will EDB expand the board’s efforts to develop a cluster of global-ready companies in Singapore.
The focus will be on having a world-class workforce that is future-ready and equipped with both breadth and depth in technology and engineering capabilities.
“We hope to create opportunities for like-minded partners to come into the ecosystem and build stronger business offerings together so that Singapore can compete and benefit from the growth of these industries globally,” said Chng Kai Fong (right), Managing Director, EDB.
As part of the partnership, ST Engineering will be collaborating with external technology partners to innovate and commercialize new products, services and solutions internationally.
Vincent Chong, President and CEO, ST Engineering, said, “The new economy calls for Singapore companies to go global as a network for synergies, competitiveness and agility.”
The innovation led by solution providers and the investment in talent development in areas like robotics, smart mobility and tech will play a crucial role in driving Singapore’s economic growth.
‘People capabilities’ is an important element to drive economic growth, and as Singapore prepares to be stronger, globally and digitally, the most important source of innovation will be the people who develop and sustain the new solutions and offerings. Investing in human capital can create an engaged and productive workforce, drive successful business transformation and ensure economic growth.