During a state visit to Sweden, Singapore’s President Tharman Shanmugaratnam announced plans for both nations to enhance cooperation in advanced technologies and share insights on social cohesion and economic competitiveness. This visit, marking 60 years of diplomatic relations, saw agreements to explore collaborations in semiconductors, artificial intelligence, quantum technologies, the Internet of Things, and 5G and 6G applications. A significant outcome was the joint declaration on strategic cooperation in trusted and innovative technologies.
President Tharman emphasized the potential for Singapore and Sweden to learn from each other’s strategies for inclusive economic growth. Sweden’s focus on social equality, coupled with a robust entrepreneurial ecosystem, serves as a model for Singapore. The Swedish approach includes a strong start-up network supported by investors and business founders, as well as a community of angel investors who reinvest profits into new ventures. These elements offer valuable lessons for Singapore as it aims to bolster start-up funding and innovation.
The discussions highlighted the shared approach of both countries in supporting companies to compete internationally through stable regulations and facilitation of overseas business expansion without directly intervening in corporate strategies. Cooperation between employers and trade unions, especially in worker training and job transitions, was also a focal point. Both nations aspire to ensure that economic transformations provide new opportunities while supporting workers.
President Tharman’s five-day visit included meetings with key Swedish companies such as Spotify, Ericsson, and Volvo, exploring further avenues for business and technological collaboration. Over the past six decades, bilateral collaboration has spanned various sectors including defense technology, research, education, and energy. The current discussions aim to build on this foundation by fostering innovation, supporting inclusive growth, and enhancing competitiveness in a challenging global landscape.