SINGAPORE, Oct. 16 (Xinhua) -- The International Enterprise (IE) Singapore signed a Memorandum of Understanding (MoU) with CAF, the Development Bank of Latin America, to promote closer collaboration in urban infrastructure planning and development, announced IE Singapore on Friday.
Signed at the Latin Asia Business (LAB) Forum 2015, the MoU provides a framework for both parties to work on capacity building, facilitating the exchange of knowledge and best practices, as well as collaboration on economically sustainable development projects in Latin America.
Enrique Garcia, president and CEO of CAF, said that this MoU will further strengthen the relationship between them and IE Singapore.
"It gives us the opportunity to share our experiences and exchange our knowledge in public policies for the sustainable development of the Latin American region," said Garcia.
CEO of IE Singapore Teo Eng Cheong noted that Singapore companies which have made successful inroads into Latin America are in for the long haul and often offer niche and differentiated products and services.
"Even during such challenging economic times, with adequate in-market knowledge and support, there are still opportunities that Singapore companies can explore and address," said Teo, citing investment in infrastructure as potential opportunities.
Latin Asia Business Forum 2015, a biennial event organized by IE Singapore, marked its 11th edition this year in the background that the International Monetary Fund (IMF) has downgraded its forecast for 2015's global economic growth from 3.3 percent to 3.1 percent. Against this backdrop, IMF forecasts the Latin America and the Caribbean region to contract by 0.3 percent.
The Forum has become a platform to foster investment, trade and thought leadership between Asia and Latin America. At the Forum's Keynote panel, Singapore's Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam urged investors from Latin America and Asia to continue deepening bilateral collaboration.
