Singapore, Nanjing Seek Enhanced Business Innovation Partnership

Singapore business district
Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore's central business district skyline, in Singapore, May 10, 2019. (Photo: REUTERS/Kevin Lam)

Singapore continues to seek increased innovative business cooperation with Nanjing as the partners celebrate the 10th anniversary of the Singapore Nanjing Eco Hi-Tech Island (SNEHTI).

According to OpenGov Asia, the city-state is looking to use SNEHTI as a platform to strengthen and increase its corporate activities not just in Nanjing but in the greater China area.

"Building on the strong foundation developed, we see great potential for our companies to foster deeper collaborations in innovation, urban development solutions, and talent exchanges," Singapore Nanjing Cooperation Panel1 (SNCP) co-chairman, SMS Koh, said.

Following a decade of urban infrastructure development, the SNEHTI initiative now looks to focus on technological innovations such as water tech and artificial intelligence (AI).

One of the main projects under SNEHTI is the development of the ACE SingaporeNanjing International Center that should provide suitable co-working spaces. Mentorship programs, as well as networking support, will also be available under the cooperation.

The center is expected to help enhance information and knowledge exchange between Singaporean and Nanjing businesses. Entrepreneurs from both regions have the opportunity to explore international innovation labs that study clean technology.

The SNEHTI program is part of Singapore's scheme that seeks to provide a booming startup and innovation environment for companies that have the capacity to create new products that can be beneficial in the local market.

In the health care sector, a center for healthcare innovation was opened last week as part of the city-state's efforts in transitioning to technologically-assisted projects. The Ng Teng Fong Center for Healthcare Innovation (CHI) was established to allow for healthcare experts to explore ideas that could be beneficial in real-life scenarios.

Meanwhile, Singapore continues to encourage companies and entrepreneurs to keep forging a path towards change. The government has been promoting innovative projects to instill open-mindedness in terms of technology among traditional business cultures.

Last month, Finance Minister Heng Swee Keat urged Singaporean companies to adopt technological innovations as the business environment continues to change. According to Channel News Asia, the minister said firms should take the changes "seriously" if they don't want to lag behind globally.

Heng noted during his speech at the Bridge Forum CEO Summit that companies in Singapore should also invest in helping employees upgrade their skills and knowledge. He said upskilling will ensure that Singaporean workers can adjust to the demands of future business models.

Furthermore, Heng called on company leaders to join forces with the government in promoting upskilling among workers as technology continues to change and race towards replacing simple jobs that the human workforce can achieve.

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