Singapore and the European Union (EU) Friday signed a Memorandum of Understanding (MOU) on information and communication technology (ICT) cooperation.
According to a statement by Singapore's Ministry of Trade and Industry, the MOU provides a broad framework for ICT research and development collaborations between entities from Europe and Singapore including companies, public and private research institutes, universities and other research and development organizations.
"Being the first ICT MOU signed in the region, it demonstrates the strong confidence both sides have in each other's ICT sector, including the expertise and infrastructure they have developed in this area," the statement added.
The MOU was signed here by Viviane Reding, European Union Commissioner for Information Society and Media and Lim Hng Kiang, Singapore's Minister for Trade and Industry.
The Singapore government recently announced its commitment to set aside 230 million Singapore dollars (about 150 million U.S. dollars) in funding over five years for the Singapore Media Fusion plan to develop the local media industry. This is on top of existing government support of 500 million Singapore dollars (about 327 million U.S. dollars) over five years for interactive digital media research and development.