Bulgaria and Singapore have the potential to join forces for joint research and development to develop joint products to expand the presence of both countries in different markets around the world. President Rumen Radev said this at the opening of a business forum during his visit to Singapore. The Head of State was accompanied by representatives of the Bulgarian business from the information and high-tech, defines, automotive, engineering and other sectors.

 

The forum in which the Bulgarian companies are participating today is organised by the Singapore Manufacturing Federation (SMF) - the largest national organisation in the country, which represents about 5,000 corporate members, including small and medium-sized enterprises and multinational companies. Business representatives from both countries were welcomed by Lennon Tan, Chairman of the Federation.  

 

In his speech, Radev noted that the prerequisites for building partnerships between Bulgaria and Singapore are certain similarities between them - such as investments in the development of human capital, education and innovation, as well as the strategic geographical location of the two countries. Because of its central location in Southeast Asia, Singapore provides easy access to the entire Asia-Pacific region. Important energy and transport corridors linking Asia and Europe pass through the country. Therefore, we have the potential to establish ourselves as a logistics hub, President Radev said, pointing out that Singapore and Bulgaria can cooperate in the field of logistics. The President added that as a geographical crossroads, Bulgaria is also interested in developing digital infrastructure as well as centres for the storage, processing and protection of information resources. The Singaporean side has accumulated serious experience in this field and together with Bulgaria we can cooperate and achieve success by meeting the demand, because information is the 'commodity' of the future, the Head of State said.

 

The President pointed out that potential areas for partnerships are information technologies, a sector in which very well-qualified Bulgarian specialists work, as well as start-up companies. Electronics and robotics, the defence industry, tourism, the automotive sector, the development of satellite communication were also outlined as promising areas for joint cooperation and investment. 

 

In his speech Radev also noted that within just one generation Singapore is the country that has achieved the greatest socio-economic progress and Bulgaria can draw experience from that remarkable progress.

 

The Bulgarian Head of State is on a working visit to the Republic of Singapore, and the purpose of the visit is to boost the development of bilateral dialogue at the highest political level, as well as to promote partnerships between the two countries in areas of mutual interest. This is the first presidential-level visit of a Bulgarian statesman to the country in the last 21 years. On the first day of his visit to Singapore, the President also visited the Hyundai Motor Group's Innovation Center and toured the company's electric vehicle production line.