Singapore and Australia to launch A$20 million programme to help SMEs co-develop innovative green products

SINGAPORE: Singapore and Australia will launch a new A$20 million (US$13.2 million) programme to support small- and medium-size enterprises (SMEs) from both countries to jointly develop innovative green products.

Under the Go-Green Co-Innovation Programme, 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, said the Ministry of Foreign Affairs (MFA) in a factsheet.

The programme falls under the Singapore-Australia Green Economy Agreement, which was signed by both countries in October 2022.

Singapore and Australia will also work towards establishing a green and digital shipping corridor between their ports by the end of 2025, MFA said.

The two countries have finalised the guiding principles and work plan to guide collaboration under a food pact, which aims to increase the trade of food products, promote Singapore as a transhipment hub for Australian food products, and cooperate 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,” said Acting Prime Minister Lawrence Wong on Friday (Jun 2), speaking at a joint press conference with Australian Prime Minister Anthony Albanese.

“We both want a greener and cleaner future, and we will get to net zero. We both want more resilient supply chains, particularly in critical areas like food and energy,” Mr Wong continued, responding to a question about what the private sector can take away from the partnership.

This “very clear alignment” of objectives will provide many opportunities for the private sector to collaborate, he added. “Because we cannot achieve all that we want through government collaboration.”

The private sector in the region is “looking for certainty” and are up for investments, said Mr Albanese.

“They know the enormous economic opportunity that areas like green hydrogen, the transition to green shipping, to cleaner aviation, the use of biofuels, the transition that is occurring in the economies of the world, they understand that it’s an opportunity,” he added.

“But they’re looking for governments to facilitate the investments that they’re up for making.”

Mr Wong received Mr Albanese at the Istana on Friday as Acting Prime Minister for the 8th Singapore-Australia Leaders’ Meeting, after Prime Minister Lee Hsien Loong tested positive for COVID-19 again on Thursday.