Singapore, Australia Invest A$20 Million in SMEs

Acting Prime Minister Lawrence Wong and Australian Prime Minister Anthony Albanese announced the Go-Green Co-Innovation Programme (GGCIP) at an Istana press conference on Friday (Jun 2).

After the eighth Singapore-Australia Leaders’ Meeting, Wong spoke to the media, replacing Prime Minister Lee Hsien Loong, who tested positive for COVID-19 again on Thursday.

Over four years, the GGCIP will support Singapore and Australian SMEs in co-innovation and green growth sector collaboration.

Green sectors of mutual interest include renewable and clean energy; sustainable agribusiness and food; built environment and infrastructure; waste management and circular economy; and environmental monitoring, analysis, and assessment.

The Singapore-Australia Green Economy Agreement, signed by PM Lee and Albanese in Canberra last October, includes the GGCIP, Singapore’s first sustainability-focused bilateral co-innovation program.

Wong told the press conference that the Comprehensive Strategic Partnership (CSP) between the two countries has made “significant progress” since 2015.

Across the six pillars of cooperation, Singapore and Australia have completed 110 initiatives. Last year, bilateral trade increased by over 25%.

“As we approach the CSP’s 10th anniversary in 2025, it is time for us to identify strategic and ambitious new areas of cooperation befitting of two trusted and reliable partners,” said Wong.

Albanese called the meeting “very constructive” and discussed improving the CSP. Singapore is Australia’s biggest trading partner in Southeast Asia.

Singapore and Australia will collaborate on green and digital shipping, transition finance, and the GGCIP to strengthen green economy collaboration.

Singapore and Australia will create a green and digital shipping corridor by 2025.

Both countries are working with port operators, relevant jurisdictions, and maritime and energy value chain stakeholders to decarbonize and digitalize the shipping industry. Low- and zero-carbon fuel supply chains are needed.

Singapore and Australia will fund the S$5 million Asia Climate Solutions Design Grant to increase green and transition finance to the region.

The Monetary Authority of Singapore and Convergence, a global blended finance network, will fund proof of concept and feasibility studies on blended finance solutions to fund sustainability projects.

Wong said Singapore and Australia share many goals.

“We want a greener and cleaner future and will reach net zero. “We both want more resilient supply chains, especially in critical areas like food and energy,” he said. “That unambiguous alignment of objectives between our governments and countries will provide many opportunities for private sector collaboration.”

Singapore and Australia have collaborated in food, arts, and the green economy.

A bilateral Food Pact framework is being finalized to facilitate agri-food trade between Singapore and Australia.

The Australia-Singapore Arts Group will continue until 2025. Singapore and Australian creative sectors are advised on arts and cultural engagement, exchange and partnership opportunities, and collaborative capabilities. Albanese said the countries also discussed regional and national security cooperation.

“Security is more than defense. He noted that shock resilience is also essential. We are improving supply chain security and facilitating critical goods flow.

Albanese visited Singaporean President Halimah Yacob at the Istana. He will keynote the Shangri-la Dialogue, a regional security forum in Singapore since 2002, on Friday evening.