Singapore and Sweden have pledged to enhance their collaboration in advanced technology sectors and explore avenues for shared economic and social growth. This commitment was solidified during Singaporean President Tharman Shanmugaratnam’s state visit to Sweden, commemorating 60 years of diplomatic relations between the two nations.
During the visit, both countries agreed on a joint declaration to cooperate strategically in areas such as semiconductors, artificial intelligence, quantum technologies, the Internet of Things, and upcoming 5G and 6G applications. This initiative is aimed at bolstering their competitive edge and fostering innovation in trusted technologies.
President Tharman emphasized the mutual benefits of learning from each other’s economic models, particularly noting Sweden’s balance of social equality with entrepreneurship. He highlighted Sweden’s robust start-up ecosystem, characterized by a network of investors and mentors, as a model for Singapore’s efforts to enhance start-up funding and innovation.
The discussions also touched on the importance of predictable regulations and support for international business expansion, steering clear of direct intervention in corporate strategies. This approach is shared by both nations as they aim to help companies compete globally.
Furthermore, the leaders discussed the importance of cooperation between employers and trade unions in facilitating worker training and job transitions. This is particularly vital as industries evolve, ensuring that economic transformation generates opportunities while also providing support for workers.
President Tharman’s itinerary included visits to prominent Swedish companies such as Spotify, Ericsson, and Volvo, where he explored further opportunities for business and technological cooperation. Over the past six decades, Singapore and Sweden have expanded bilateral collaboration from defense technology to areas including research, education, and energy. The recent discussions aim to build upon this foundation by promoting innovation, supporting inclusive growth, and enhancing competitiveness in a challenging global landscape.