PR99:126
FOR IMMEDIATE RELEASE
May 27, 1999
GOVERNOR DAVIS MEETS WITH SINGAPORE'S
PRIME MINISTER; SIGNS MEMORANDUM OF UNDERSTANDING TO FOSTER TRADE
Sacramento
- Governor Davis met
today with Singapore Prime Minister Goh Chok Tong to discuss trade and
investment between California and the country of Singapore. The two leaders
signed a Memorandum of Understanding reaffirming an agreement to facilitate
ties between private industry sectors from both regions in order to encourage
new economic alliances between California and Singapore.
"Singapore
and California have long been partners on the front lines of economic progress,"
Davis said. "It has been a privilege for me today to sit down with the
Prime Minister and discuss what we can do together to forge a more prosperous
future - for our two great economies and our two great people.
"Singapore
is one of three countries with which California has established a formal
relationship between governments for the exchange of technology opportunities,"
Davis continued. "Today, we have agreed to continue to this landmark
technology exchange accord and to build upon its success."
Governor Davis
and Prime Minister Goh signed a Memorandum of Understanding (MOU) to reaffirm a
formal relationship that began last year between Singapore's Economic
Development Board, the National Science and Technology Board, the Trade
Development Board and California's Trade and Commerce Agency. The MOU provides
for shared information and coordination when possible, in order to foster
technology, business development and investment opportunities in the public and
private sectors in instances where both California and Singapore would benefit.
Governor Davis
also welcomed news that Singapore recently announced the creation of a $1
billion venture capital fund that will serve as a catalyst for new growth
opportunities in the area of electronic commerce and information technology.
Singapore
represents California's sixth largest export market. California provides more
than 30 percent of the total exports from the U.S. to Singapore.
A copy of the
Memorandum of Understanding is attached.
# # #
MEMORANDUM OF
UNDERSTANDING
Between
THE REPUBLIC OF
SINGAPORE
And
THE STATE OF CALIFORNIA
Recognizing that we live in an era of growing
interdependence where collaborative partnerships are important for global
competitiveness;
Noting the common desire of the signatory parties to promote
economic growth and encourage development;
Conscious of the close ties that the Republic of Singapore ("Singapore")
has with the State of California ("California"); and
Taking into account the shared goal of Singapore and
California to promote high technology industries;
Private industry sectors from both regions continue to make
new economic alliances for mutual benefits. It is the intention of this
agreement to facilitate these ties, and to broaden their impact for a faster
and more substantive linkage between Singapore and California.
This agreement reaffirms the MOU signed on March 16, 1998,
to establish a formal relationship between Singapore's Economic Development
Board, the National Science and Technology Board, the Trade Development Board
and the California Trade and Commerce Agency in order to foster technology,
business development and investment opportunities, through business interaction
in the public and private sectors where there is identifiable common ground and
aspirations;
To that end the parties agree:
To keep each other informed of important economic and civic
issues
To provide
information, liaison and support to prospective businesses interested in
technology, investment, trade and business opportunities, so as to facilitate
access to each other's markets
To encourage coordination
of economic missions with our respective areas and collaboration with other
levels of government when appropriate, at home and in third markets
To provide for and publicize
business link entry points in each community, these links or contact points may
be provided by public and private sector bodies, reflecting the respective
systems and cultures of the communities
Furthermore, in order to give initial focus to business
growth and cooperation, The Republic of Singapore and the State of California
have identified the following areas of cooperation:
1. Technology
Development and Networking - Efforts should be made to match
technology-intensive companies in areas of mutual interest such as
telecommunications and information technology, microelectronics and materials,
healthcare, environmental and biotechnology, and where appropriate the
customization of technologies to the respective regions. Additionally in this
context, relevant California organizations could be consulted for ideas on
technology financing strategies.
2. Trade
and Investment Links - Singapore and California should strive to carry out
activities aimed at promoting trade and investment links between the two sides
through missions and seminars, visits by officials, matching business opportunities,
and the exchange of information on each other's markets. California could tap
into Singapore's knowledge of and links with the markets in the Asian region. Singapore,
on the other hand, could take advantage of California's pre-eminent position in
high technology industries in the United States of America to develop
commercial opportunities for private companies in the high technology area.
In witness whereof the parties have executed this Memorandum
on this 27th day of May, 1999.
___________________________ __________________________
Goh Chok Tong Gray Davis
Prime Minister Governor
Republic of Singapore State of California