Signed agreement - A win-win situationSingapore Technologies Electronics Limited (ST Electronics) and Albacomp Computers Company (Albacomp) have signed a Memorandum of Understanding to jointly pursue and implement ICT (Information Communication Technologies) -based infrastructure projects for the public and private sectors in Hungary. Albacomp is amongst the five largest IT companies in Hungary and is based in Székesfehérvár, 60km from Budapest. Witnessed by Singapore’s Prime Minister, Mr Lee Hsien Loong and Hungary’s Minister of Economy & Transport, Mr Janos Koka, the MOU was signed in Budapest during the Singapore-Hungary Business Forum, organised as part of PM Lee Hsien Loong's official visit to Hungary. ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering).
As a start, both companies have identified and agreed to pursue two public projects in Hungary, in mass transit applications and in e-Government solutions. The companies expect potential market opportunities worth more than US$100m in the near term.
“ST Electronics has built up a solid track record in offering innovative ICT solutions in Singapore and the Asia-Pacific region, Gulf States, Kazakhstan and Africa. In the area of transportation systems, we have secured a total of about US$1b worth of contracts, and have in May this year added a US$83m (S$123m) contract in Turkey for a mass transit project. Our strategy is to work with strong partners, and hence, we are delighted to work with Albacomp to develop more business opportunities in Hungary. Through this partnership, we also aim to gain a strong foothold in Central and Eastern Europe.”
~ SEAH Moon Ming, President, ST Electronics
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