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Publish Date : 29-May-2013

The Japan Bank for International Cooperation (JBIC), Mizuho Corporate Bank Ltd. (MHCB), and SPRING Singapore (SPRING) signed a memorandum of understanding (MOU) to establish a strategic partnership to jointly promote business collaboration between Japanese and Singaporean SMEs today at The China Club of Capital Tower.

"I am very happy to sign the MOU today, with SPRING and Mizuho Corporate Bank, for the purpose of supporting business deployment of Japanese and Singaporean SMEs into ASEAN countries," said Mr. Kazuo YUHARA, Managing Executive Officer and Global Head of Industry Finance Group of JBIC. "JBIC had initiated the discussion of this MOU since last year, and here, I would like to thank you all who were seriously committed to this signing of the MOU."

"The purpose of this MOU is to promote the Japanese companies' investments in SMEs in Singapore and also to accelerate their joint business opportunities in Singapore and other ASEAN countries," said Mr. Hiroshi SUEHIRO, Managing Executive Officer, Head of Asia & Oceania of MHCB. "Mizuho established an ASEAN-focused private equity fund. Taking this opportunity of equity participation of Mizuho and JBIC in the fund and having close relationship with SPRING, we can come up with valuable strategic alliance opportunities between Singapore SMEs and Japanese companies. The alliance makes it possible to enhance the competitiveness of the both sides and expand their joint business to neighboring ASEAN countries."

"We are pleased to partner JBIC and Mizuho to promote and foster greater collaboration between SMEs from Singapore and Japan for expansion in the region," said Ms Choy Sauw Kook, Assistant Chief Executive of SPRING Singapore. "With Singapore's established infrastructure, talented workforce and good intellectual property protection regulations and Japan's strong technological innovation capabilities; we are confident that this strategic partnership with JBIC and MHCB will facilitate and catalyse more meaningful collaboration between SMEs in Singapore and Japan."

In March 2013, MHCB and JBIC had set up the Mizuho ASEAN Private Equity Fund (the Fund) to support business deployment of Japanese companies, including SMEs, into ASEAN countries. Riding on this opportunity, this subsequent MOU was signed as a result from the discussion between JBIC, MHCB and SPRING regarding promotion of business collaboration in the ASEAN region between Japanese and Singaporean SMEs.

Singapore and Japan enjoy a long-standing economic relationship, with robust trade and investment ties. As the world's third largest economy, Japan was Singapore's 8th largest trading partner in 2012 with total trade amounting to S$52.1 billion. Akin to other developed countries, the economic growth of Japan and Singapore is significantly driven by SME activities.

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