First Japan-Singapore Economic Dialogue takes place

Participants to the first Japan-Singapore Economic Dialogue  held in Singapore on February 15. (Photo courtesy of Japan's Ministry of Economy, Trade and Industry)

Singapore (VNA) – The first Japan-Singapore Economic Dialogue (JSED) took place in Singapore on February 15, with representatives from both public and private sectors of the two countries discussing measures to boost bilateral economic cooperation and improve the business environment.

Vice Minister for International Affairs at Japan’s Ministry of Economy, Trade and Industry (METI) Hirai Hirohide and Gabriel Lim, Permanent Secretary of Singapore’s Ministry of Industry and Trade (MTI), co-chaired the event.

During the first JSED, the two countries approved their joint projects in Asia and other regions based on the Asia-Japan Investing for Future Initiative (AJIF). The two sides also discussed international and regional situations.

They discussed three specific areas including the startup ecosystem, strengthening the supply chain in the digital age/digital economy, and cooperation orientations. 

Regarding the digital economy, the two sides discussed Japan's Data Free Flow with Trust (DFFT) Initiative, and solutions to promote cross-border data flow, and agreed to jointly promote the global digital economy.

METI and MTI also announced the “Singapore-Japan Fast Track Pitch” to be organised in April as a part of the ASEAN-Japan Co-Creation Fast Track Initiative that aims to promote innovations through startups' solutions.

The event also aims to connect startups from Singapore, Japan, and ASEAN that can provide solutions in three areas of the digital economy, food technology, and biological/medical sciences. Leading companies in the industries including Panasonic, Takenaka, Itochu, DeNA from Japan and Buhler, Johnson & Johnson, Pfizer, and Roquette from Singapore are expected to join.

Japan and Singapore also agreed to hold the second JSED next year./.