The Singapore Economic Development Board (EDB) has signed a memorandum of understanding (MOU) with the Netherlands’ Brabant Development Agency (BOM) to strengthen economic relations, states a joint release between both agencies on May 20.

The MOU will leverage Singapore’s position as a business hub in Asia to support European companies to grow and capture new opportunities globally, while Asian enterprises can tap on the Netherlands’ position as a gateway to Europe.

Under the MOU, EDB and BOM will work with companies and “key partners” in both cities to collaborate in several areas. These areas include deeptech, which spans semiconductors, photonics, quantum and advanced manufacturing. It also includes artificial intelligence (AI), data science and cyber security under the digital pillar, as well as cleaner energy solutions including production, transport and storage solutions under the climate-neutral energy solutions pillar.

Other areas of collaboration include medtech, pharmaceuticals, biotech and healthtech, agritech, foodtech as well as alternative proteins.

In addition, EDB and BOM will look to establish discussion platforms involving stakeholders from academic institutions, public-private partnerships and investors to foster open innovation and greater collaboration.

To Jermaine Loy, managing director of EDB, the new MOU between both countries “paves the way for closer collaboration” between both partners’ business and innovation ecosystems.

“We look forward to working with our Dutch partners to nurture competitive industries and talent to support the growth of companies and communities in our two countries,” says Loy.

“Singapore and the Netherlands are celebrating 60 years of trade relations. This MOU strengthens this relationship and offers a unique perspective on a common development of futureproof and game changing industries and technique,” adds Daan de Cloe, managing director of foreign investments & international trade at BOM.