Singapore-Korea Energy Partnership: Green Energy Tech Collaboration for ASEAN Market Growth
Key Ideas
- The Singapore-Korea Business Forum highlighted the importance of energy infrastructure investments and R&D collaboration, with a focus on renewable energy and digital technologies.
- Both countries are exploring partnerships in green energy, particularly in the development of a hydrogen grid to meet sustainability goals and address energy production challenges.
- Singapore positioned as a gateway for Korean companies to access the ASEAN market, leveraging each other's strengths in R&D, funding, and technical capabilities.
- The collaboration extends to standards, certifications, and energy technologies to drive energy transition and combat climate change in both nations.
The Singapore-Korea Business Forum emphasized the need for increased investments in energy infrastructure and R&D collaboration, with a specific focus on green energy technologies. Five out of 10 agreements signed at the event involved South Korean and Singapore government entities, with a core emphasis on renewable energy research and development (R&D) and energy supply chain resilience.
The partnership between Singapore and South Korea extends beyond energy to digital technologies, including AI, digital payments, and digital identities. Both countries have signed bilateral and multilateral agreements to address digital trade issues and promote interoperability in their digital systems.
One significant area of cooperation highlighted at the forum was green energy, specifically the potential for collaboration on a hydrogen grid to achieve economies of scale in energy production. Singapore aims to supply half of its power needs through hydrogen by 2050, aligning with South Korea's efforts to boost its hydrogen economy.
Government representatives from both countries stressed the importance of leveraging their complementary strengths to deepen collaboration in energy transition, research, and innovation. Singapore's expertise in R&D talent, funding, and outreach in Southeast Asia complements South Korea's technical capabilities, especially in semiconductors and next-generation vehicles.
The collaboration between Singapore and South Korea also extends to areas such as standards, certifications, and energy technologies to address energy and climate change challenges. Overall, the partnership between the two countries aims to drive sustainable energy solutions and promote economic growth in the ASEAN region.