Fund for green firms among plans to strengthen S'pore-Australia ties

Other initiatives include digital shipping corridor, boosting food trade

- Natasha Ann Zachariah

A new multimillion-dollar fund to support green companies, a digital shipping corridor, and plans to boost food trade are among several initiatives to further strengthen Singapore-Australia ties.

The new A$20 million ($17.8 million) co-innovation fund, launched for small and medium-sized enterprises (SMEs), aims to drive collaboration between companies from both countries for green products and services. Enterprise Singapore and Australia’s Department of Foreign Affairs and Trade will contribute equally to the fund.

Over the next four years, SMEs from both countries can tap the fund if they collaborate in green growth sectors such as renewable and clean energy, sustainable agribusiness and food, or waste management.

On the maritime front, a Singapore-Australia Green and Digital Shipping Corridor will be established by the end of 2025, as the authorities from both sides work with relevant parties to decarbonise and digitalise the shipping industry.

The new plans were announced at the 8th Singapore-Australia Annual Leaders’ Meeting held at the Istana on Friday.

Established under the Singapore-Australia Comprehensive Strategic Partnership, the meeting is a key platform for the prime ministers of both countries to discuss bilateral cooperation, and exchange views on regional and international developments.