Singapore, Ecuador ink deal to cooperate in human development

Singaporeans could, for instance, live and work at the Charles Darwin research station in Galapagos, he noted.

He also said a banking licence has been offered to any institution chosen by the Singapore Government that would allow it to work directly with Ecuador’s financial sector.

Ecuador also wants to work with the city-state’s universities, and have stronger exchange programmes with their students and faculties. 

“Singapore has been an example of organisation, coordination, and also as a determined people to give a better future to themselves and to their future generations,” he said.

During his visit here, President Noboa also met with Prime Minister Lawrence Wong.

In a social media post, PM Wong said the visit – the first by an Ecuadorian president to Singapore – was an important milestone in bilateral relations, and reflects Ecuador’s growing interest in engaging the region.

Singapore and Ecuador established diplomatic relations over three decades ago, in 1994.

The two leaders had a good discussion on how to take relations forward, including in food security, trade, logistics and digitalisation, he added.

“I look forward to working with President Noboa to strengthen ties between our countries, and open up new opportunities for our peoples and businesses,” said PM Wong.

At the state banquet, President Tharman highlighted agriculture and food as another promising area for cooperation, given Ecuador’s rich agricultural and marine endowment, including in bananas, cocoa, shrimp and tuna.

Singapore companies already see the potential, he noted, highlighting examples of local firms that have ventured into the region such as DiMuto, a company that has worked with Ecuadorian partners to digitise and trace the supply chain for agricultural products.

Another firm, PSA Marine, provides pilotage and boat services in the Ecuadorian ports of Guayaquil and Posorja.

“These are good examples of what our partnership can become, combining capabilities in ways that create value and open new markets,” he said.

President Noboa said the South American nation sees the city-state as a strategic partner in Asia and wants to bring the two business communities closer.

“We’re committed to building long-term partnerships with countries that share our vision of growth, innovation and sustainable development,” he said. 

“We also value Singapore’s experience in areas that are essential to Ecuador’s future: AI, digital transformation, the strategic use of data, and smart cities.”

President Tharman said both countries are gateways to their respective regions, and that Ecuador can help Singapore firms access opportunities in the Andean region and the wider markets of Latin America.

The two countries can also learn much from each other in preserving their natural and cultural heritage, he added, noting that Ecuador has five UNESCO world heritage sites, including the Galapagos islands and Quito city, its historic capital.

“Ultimately, the foundations of any bilateral relationship are built not just through agreements, but through the people who give them meaning and momentum,” he said.

“We should create more opportunities for our people – business people, public servants and youth – to meet and engage. It is through these personal relationships that the most enduring forms of cooperation take root.”