Here we go! UK and Singapore sign trade deal with ‘huge potential’ as EU blocks £80bn fund

The UK’s Science and Technology Facilities Council (STFC) and Singapore Space and Technology Limited signed the agreement on Wednesday. The pair have outlined a plan to work together to support Singapore and UK-based space tech start-ups. The collaboration aims to accelerate the growth of the sector by providing them with the tools to access the industry.

STFC Executive Director for Business and Innovation, Paul Vernon, said: “The space sector is one of the most innovative and rapidly growing space economies in the world.

“However, for any start-up business, using space technologies to create new and profitable products or services can be a daunting challenge.

“Successful start-ups are an essential part of our future prosperity, and STFC has a clear commitment to provide the best environment possible for them to innovate and grow.

“Collaboration is a key factor when it comes to empowering businesses to overcome their challenges and succeed.”

The agreement will see start-ups from the UK and Singapore introduced to potential international investors across Asia and the UK.

They will also gain access to leading facilities in both countries and will be encouraged to form partnerships.

STFC manages and co-funds the European Space Agency (ESA) Business Incubation Centre (BIC) UK, with partners UK Space Agency and ESA Space Solutions.

The agreement builds upon several years of science and innovation collaborations between STFC and Singaporean organisations.

This includes the £10million jointly funded Speqtre mission, scheduled for launch in 2024.

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Speqtre mission,

It comes after the UK agreed to partner with Switzerland as part of his £6billion backup plan to Horizon Europe.

This is the EU’s key research and innovation programme that the UK was supposed to contribute £15billion to over a seven-year period.

This would let its scientist collaborate with European partners and access the EU’s huge pool of funding.

But Britain was banned from participating over Brexit disputes and was told it could not re-join the programme until they were resolved.

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