Andorra and Singapore begin talks on bilateral agreements in matters of foreign investment, entrepreneurship and innovation

The Minister for Presidency, Economy and Enterprise and president of Andorra Business, Jordi Gallardo, held in Singapore on Tuesday various work and bilateral meetings, mainly in matters of investment, with the Vice premier Minister and Minister for Coordinating Economic Policies, Heng Swee Keat, and with the Minister for Commerce and Industry, S. Iswaran.

Gallardo explored along with both ministers – one of the Asian Continent´s leading commercial countries– the possibility of closing a reciprocity agreement in matters of foreign investment that would facilitate investments in both countries as a platform for internationalization for both economies. This is the first step in the exploring of a possible agreement of non-double imposition in the mid to long term.

In parallel, an agreement with Enterprise Singapore is also being worked on, the equivalent agency to Andorra Business and Andorra Research + Innovation, in matters of entrepreneurship and innovation ecosystems. Jordi Gallardo explained that “the aim was to express to the Government of Singapore the will to increase investments between the two states, through an agreement that favors foreign investment, and to also put the two investment agencies into contact (Andorra Business and Enterprise Singapore) to boost contact between ecosystems of emerging businesses and innovation in both countries”. The meetings were also attended by the State Secretary for Economic Diversification and Innovation, Marc Galabert.

The meetings between Gallardo and the two Asian Ministers were held taking advantage of Andorra´s invitation to participate in the Global Sports Innovation Center by Microsoft congress, an event taking place in Singapore on Wednesday and Thursday that will connect the business and sports technology ecosystems from all continents with the Asian market, and in which the Principality will be an important participant.

The Minister´s daily agenda was completed with a work session at Galen Capitaland of Singapore, a specially designed space for companies specializing in R+D, chemistry, life science and digital processes. Gallardo met with the director, Joel Sik, and discovered, among others, the Smart Urban Co-Innovation Lab, a platform that offers professionals from the industry a place to innovate jointly, collaborate and test intelligent solutions in various industries.