The UK and Singapore are forging a strategic partnership to support innovation and R&D for both nations.

The partnership was announced in early September when UK Prime Minister Rishi Sunak and Singaporean Prime Minister Lee Hsien Loong signed the UK-Singapore Strategic Partnership during the G20 Summit in India. The agreement charts a course for the next decade, offering support to elevate trade and investment ties between the two nations.

By collaborating in this partnership, there will be support in terms of fortifying security cooperation, promoting science and technology innovation, and encouraging research and development. The ultimate goal is that this will result in improved economic collaboration.

A pioneering partnership between Singapore’s Digital and Intelligence Service and the UK will address emerging cyber threats, enhancing security on a global scale.

Singapore is a dynamic and close partner to the UK in Southeast Asia, boasting a £21 billion trade relationship comprising 40% of the UK’s total trade with the region. With £226 billion invested by Singaporean entities in the UK, this partnership is poised to deliver tangible economic benefits.

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Swanson Reed is one of the UK’s leading R&D Tax Relief consultancies. We manage all facets of the SR&ED tax credit program, from claim preparation and audit compliance to claim disputes.

If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.