Mr Lee Yi Shyan at the MOU Signing Ceremony between the ASTAR and the KHIDI

Speech by Mr Lee Yi Shyan, Senior Minister of State, Ministry of Trade & Industry, at the MOU Signing Ceremony between the Agency for Science, Technology and Research (A*STAR) and the Korea Health Industry Development Institute (KHIDI) on Wednesday, 11 December 2013, 10.30 am at the Ministry of Health and Welfare, Republic of Korea

Dr Moon Hyung-pyo, Minister of Health and Welfare

Dr Ko Kyung-Hwa, President of KHIDI

Colleagues, friends, ladies and gentlemen 

1. Good morning. It gives me great pleasure to be here today to witness the signing of the Memorandum of Understanding between A*STAR and KHIDI to strengthen cooperation between the two agencies.

ROK and Singapore enjoy strong economic relations

2. The Republic of Korea and Singapore enjoy strong economic relations and investment linkages. In 2012, we were each other’s 7th largest trading partner, with bilateral trade reaching S$53 billion. Against the backdrop of uncertain volatile global economy, it is more critical than ever that we continue to build on our ties and develop partnerships that will mutually benefit our economies. I am heartened that, today, the two major research agencies in our countries are taking the next step towards greater cooperation in research. The MOU between KHIDI and A*STAR represents the great confidence that we have in each other, and our continued commitment to further our partnership.

ROK’s and Singapore’s research and development (R&D) efforts complement each other

3. As like-minded, knowledge-driven countries, Korea and Singapore have both identified research and development (R&D) to be a key driver of the economy. In particular, the biomedical sciences (BMS) sector is a key economic growth engine. There is great potential to reap synergies from our BMS innovation strategies. While Korea aims to develop and globalise your domestic BMS companies, Singapore has developed an ecosystem that welcomes international companies to carry out R&D activities in Singapore. I am confident that the MOU between A*STAR and KHIDI will foster greater interactions between Singapore and Korean companies and researchers, so that together, we can enhance our competitiveness in regional and global markets.

4. There are three main thrusts to the MOU. First, to encourage greater R&D collaborations, particularly in the fields of medical technology (medtech) and biotechnology (biotech), the A*STAR-KHIDI Joint Research Fund will be established to support joint research projects between KHIDI and A*STAR research institutes. KHIDI will also establish a

MedTech/Biomedical Sciences Development Centre in Singapore, facilitated by A*STAR. The centre would serve to facilitate collaborations between A*STAR research institutes and over 1,000 Korean Medtech SMEs.

5. Second, A*STAR and KHIDI will work closely with companies to commercialise IPs arising from the joint projects. In this vein, it is important that Korea and Singapore achieve mutual recognition of regulatory standards to facilitate the approval of Medtech products for markets, and catalyse cross border technology transfers. I am glad to note that the Korea Ministry of Food and Drug Safety (MFDS)1 and Singapore Health Science Authority (HSA) have established an MOU in 2010 to enhance exchange of regulatory information and provide collaborative opportunities in joint training and on-site inspections of manufacturing facilities. I hope that this will eventually pave the way towards a Mutual Recognition Agreement (MRA) for the approval of medical devices, so as to benefit both Korean and Singaporean companies.

6. Third, the MOU aims to foster greater flow of academic and research talent between Singapore and Korea, so as to enrich the exchange of research ideas and enhance the diversity of talent in both our countries. 

Conclusion

7. I am confident that the MOU will spur rich research collaborations between our agencies and companies, and will be another example of the mutual benefits that Korea and Singapore bring to each other.

8. Thank you.

Click here for the press release