His Excellency, Mr Saito Ken, Minister of Economy, Trade, and Industry of Japan,
Distinguished Guests,
Ladies and Gentlemen,
Good morning.
1. It is my pleasure to be here at the Japan-Singapore Co-Creation Platform Kick-off Seminar. I am delighted to see such a strong participation by both Singaporean and Japanese companies today, across startups and major enterprises.
Deep Tech and Open Innovation as Solutions for Global Challenges
2. The challenges we face today are complex and global. The world is changing rapidly with the rise of AI and the impact of climate change. These challenges bring risks but also opportunities. To adapt, we must continuously innovate and develop new solutions.
3. This is where deep tech and open innovation come into play. Deep tech provides the foundation, while open innovation is the catalyst that encourages new models of collaboration. It helps innovators deploy and bring their technologies to market rapidly. And the first step of open innovation is the exchange of ideas – the objective of today’s kick-off seminar.
Synergies between Singapore and Japan on Deep Tech and Open Innovation Collaboration
4. Singapore and Japan are natural partners to collaborate on deep tech and open innovation.
a. Singapore is strategically located in Southeast Asia with a strong connectivity network. Coupled with our growing startup ecosystem and business-friendly environment, Singapore is an attractive gateway for Japanese companies to venture into Southeast Asia.
i. In 2023, Singapore was ranked 6th globally and 1st in Asia-Pacific in StartupBlink’s Global Startup Ecosystem Index.
ii. We are home to more than 4,500 tech-enabled startups and 400 venture capitalists, with a startup ecosystem worth an estimated USD 144 billion as of end-2023.
iii. This demonstrates the strong confidence that the private sector has in Singapore’s startup and innovation ecosystem.
b. Similarly, Japan is an innovation powerhouse with extensive technological capabilities.
i. The Japanese Government’s recent Startup Development Five-year Plan has transformed Japan’s startup ecosystem, presenting many opportunities for both Singapore and Japan to work together.
5. Allow me to share three examples of successful collaboration.
a. Mitsubishi Corporation and Chiyoda Cooperation, in collaboration with Nanyang Technological University, National University of Singapore, and industry partners from both countries, are working together to develop new technologies for extracting hydrogen from liquid organic hydrogen carriers. This initiative supports Singapore’s transition towards a sustainable and green energy future.
b. SWAT Mobility, a Singapore AI vehicle routing tech startup, has partnered Japan’s Alpico Group to launch an on-demand ride sharing services in Hakuba that recommends the fastest and most sustainable route to reduce carbon emissions.
c. Less and Co., a Singapore startup that upcycles edible food waste into beer and sparkling drinks, has been working together with Japanese companies CAFE COMPANY Inc. and LINA K.K. since 2021 to co-develop and launch their products in Japan. Today, their beverages can be found in convenience stores and bars across Japan.
Encourage Companies to Fully Utilise the Co-creation Platform
6. These examples are just a start, and we can achieve even more together through the Japan-Singapore Co-Creation Platform.
a. Today’s Kick-off Seminar marks the first-of-a-series of events for startups and investors to exchange insights under this Co-creation Platform.
b. I encourage everyone here to participate actively, exchange ideas, and, most importantly, get to know one another and forge new partnerships.
Closing Remarks
7. Finally, I would like to thank the co-organisers and companies that have contributed to today’s event. I wish all participants a fruitful time of learning, networking, and every success in your deep tech and open innovation journey.
8. Thank you.