>Singapore - Ms Viviane Reding, European Union Commissioner for Information Society and Media and Mr Lim Hng Kiang, Singapore's Minister for Trade and Industry, have signed a Memorandum of Understanding (MOU) on Information and Communication Technology (ICT) Cooperation between the European Union (EU) and Singapore today.
The MOU provides a broad framework for ICT research and development (R&D) collaborations between entities from Europe and Singapore including companies, public and private research institutes, universities and other R&D organisations. The MOU will strengthen ICT cooperation and linkages between both sides, in particular through the EU Research Programme and Funds.
Being the first ICT MOU signed in the region, it demonstrates the strong confidence both sides have in each other's ICT sector, including the expertise and infrastructure they have developed in this area.
In Singapore, the Government recently announced its commitment to set aside S$230m in funding over 5 years for the Singapore Media Fusion plan to develop the local media industry, a 40% increase in funding from the previous Media 21 Masterplan. This is on top of existing government support of S$500 million over five years for Interactive Digital Media (IDM) R&D.
In Europe, the ICT sector has been given a 1 billion euros (S$1.95 billion) boost as part of the EU's Economy Recovery Plan. This will complement the existing European Union funding programme for ICT research which will spend 9 billion euros (S$17.5 billion) over 7 years (period 2007-2013).
Said EU Commissioner Reding, "I am glad that this MOU is signed as there is great synergy and compatibility between Europe and Singapore. It helps to build the competitive advantage of both Europe and Singapore in the area of ICT and this will certainly lay the foundation for the economies of Europe and Singapore for when the global economy recovers from this recession."
Agreeing, Minister Lim said, "The MOU will facilitate more ICT research collaborations between Europe and Singapore, which may in turn open up more commercialisation opportunities for companies from both sides to ride along the economic upturn and beyond."
