Singapore And Australia To Launch A AUD 20M Fund To Assist SMEs To Develop Sustainable Products

By: Asia Business Outlook Team | Friday, 02 June 2023

Singapore and Australia will launch a new A$20 million (US$13.2 million) programme to help both countries' small and medium-sized enterprises (SMEs) develop innovative green products.

According to the Ministry of Foreign Affairs (MFA) in a factsheet, Australia's Department of Foreign Affairs and Trade, as well as Enterprise Singapore, will set aside the sum to support SMEs from both countries over the next four years through the Go-Green Co-Innovation Programme.

The programme is part of the Singapore-Australia Green Economy Agreement, which both countries signed in October 2022.

Singapore and Australia will also collaborate to establish a green and digital shipping corridor between their ports by the end of 2025, according to the MFA.

The two countries are finalising the guiding principles and work plan for a food pact, which aims to increase food product trade, promote Singapore as a transhipment hub for Australian food products, and collaborate on global food security issues.

"When you think about the future objectives that both Singapore and Australia would like to see for our economies and societies, clearly, there are many shared objectives," Acting Prime Minister Lawrence Wong said at a joint press conference with Australian Prime Minister Anthony Albanese on June 2.

"We both want a greener, cleaner future, and we'll get there." We both want more resilient supply chains, especially in critical areas like food and energy," Mr Wong continued, in response to a question about what the private sector can gain from the collaboration.