2-6-2023 (SINGAPORE) Singapore and Australia have unveiled a new A$20 million programme aimed at fostering collaboration between small- and medium-sized enterprises (SMEs) from both countries in the development of innovative green products. The Go-Green Co-Innovation Programme, established by Australia’s Department of Foreign Affairs and Trade and Enterprise Singapore, will provide financial support over the next four years, as announced by the Ministry of Foreign Affairs (MFA).
The initiative is part of the Singapore-Australia Green Economy Agreement, which was signed by both nations in October 2022. Additionally, Singapore and Australia have committed to establishing a green and digital shipping corridor between their ports by the end of 2025, according to the MFA.
The two countries are also working on finalizing a food pact, which will set guiding principles and a work plan for enhanced collaboration in the trade of food products. The pact aims to promote Singapore as a transhipment hub for Australian food products, boost food trade, and address global food security concerns.
During a joint press conference with Australian Prime Minister Anthony Albanese, Acting Prime Minister Lawrence Wong highlighted the shared objectives of both nations, emphasizing the desire for a greener and cleaner future and more resilient supply chains. He stated that the private sector plays a crucial role in achieving these goals and that collaboration between businesses from Singapore and Australia will be essential.
Mr. Albanese echoed this sentiment, stating that the private sector is eager for investment opportunities and recognizes the economic potential in areas such as green hydrogen, green shipping, cleaner aviation, and biofuels. He emphasized the importance of governments facilitating investments to support these sectors.
Acting Prime Minister Wong received Prime Minister Albanese at the Istana for the 8th Singapore-Australia Leaders’ Meeting, as Prime Minister Lee Hsien Loong tested positive for COVID-19. Mr. Albanese is scheduled to deliver the keynote address at the Shangri-La Dialogue later in the day.
