MEMORANDUM OF UNDERSTANDING (MOU) FOR MANUFACTURING AND TRADE (CATEGORY B) BETWEEN ADVANCED ENGINEERING GROUP (INTERNATIONAL) PTE LTD (AEG) Together with IFP (International Fishery Port) and EDZ (Economic Development Zone) AND MINISTRY OF TRADE AND COMMERCE (MTC) AND MINISTRY OF AGRICULTURE, LIVESTOCK, FORESTRY, FISHERIES AND BIO-SECURITY (MALFFB)
The Ministry of Trade and Commerce together with the Ministry of Agriculture, Livestock, Forestry, Fisheries and Bio – Security signed an MOU with Advanced Engineering Group (AEG) on 31 May 2023 in Port Vila, Vanuatu.
The main purpose of this MOU is to express the willingness of both parties to engage in efforts to promote the competitiveness and economic development of THE REPUBLIC OF VANUATU, through projects and activities to develop, and expand relationships in the sectors of Engineering, Manufacturing, IT Infrastructure, Building and Construction, Mining, Fishery, as well as Agriculture technology and development.
AEG is a Singapore-based Company with Sales and Operations in Singapore, South-East Asia and China. The company is accredited with ISO9001-2015 (Quality Management System), ISO45001-2018 (Occupation, Health and Safety) and bizSAFE STAR (Risk Assessment and Risk Management); and has won several awards for her stellar performance over the years.
As part of her commitment to the MoU, AEG Consortium of Partners includes world renown companies such as China Construction Science and Industry Corporation (CSCEC), UVEST, Hopewind, Hunan Engineering, Luen Thai Fishery, Guangdong Guang Yuan Fishery Group, Hunan Agricultural University, Hunan Academy of Agricultural Science, World Water Works and many more.
THE REPUBLIC OF VANUATU (Ministry of Trade and Commerce and Ministry of Agriculture, Livestock, Forestry, Fisheries and Biosecurity) will work and coordinate with “AEG” in the development of their initiatives to improve and expand support, with official written approvals, rights, export permits and licenses from their various authorities for the agriculture, fishery and mining. In addition, they also agree to allow “AEG” to carry out feasibility studies, monitoring, and evaluation activities to assess the impact of these activities on the environment, both locally and regionally. All costs will have to be established and agreed upon by both parties.
“AEG” will provide all consultancy, technical and engineering expertise to assist THE REPUBLIC OF VANUATU to carry out activities that will improve and expand the support to its competitiveness. As a preliminary activity, “AEG” will conduct a strategic feasibility planning exercise, jointly with THE REPUBLIC OF VANUATU to review their current and future “operational” requirements. The results of this exercise will assist THE REPUBLIC OF VANUATU with the implementation of their needs, hence, identify areas where “AEG” can provide the necessary support. After finalizing the strategic planning session, technical and financial support agreements for these specific activities, through a join participatory process with clear milestones will be tabled out. These agreements will be detailed in subsequent Addendums to this MOU.
Specific activities of the OBJECTIVE, under this MOU, shall be identified through further consultations between the two parties
The Minister of Trade and Commerce, Honorable Matai Seremaiah stressed during the MOU signing that he is tired of seeing MOU signed and never implemented, therefore he encouraged All Parties to ensure that the MOU is supported and implemented by the Ministries and AEG.
The Honorable Minister stated that, The Government through Vanuatu Trade Commissioner to Singapore, Mr Robin Teo, understood the wealth of knowledge, experience, competence and strength that AEG and her Consortium of Partners can bring to the table. “I trust your expertise in the field of Economic Development Zone and the establishment of the International Fisheries Port will bring much needed revenue to the country for the benefits of our people. Therefore, we have extended the invitation for you to come to Vanuatu and by of way of the MoU, we can work in partnership to leverage and maximize on the untapped potential and resources, and to develop services in Vanuatu that can generate revenue for the Republic of Vanuatu.
To this end, Mr. Leornard Tan, AEG and the Consortium of Partner Leader responded that this Memorandum of Understanding is comprehensive, covering a broad range of initiatives to support Vanuatu’s efforts to expand its external and internal trade, and to attract investors from Southeast Asia and China. The MoU incorporated Vanuatu’s key priorities (as outlined by the government), while also included a variety of business initiatives that are in line with the spirit of the MoU. These initiatives include green energy, agriculture, water and sanitation, imports (into Vanuatu) and exports (from Vanuatu to Southeast Asia and China).
After the signing of the MoU, Mr. Leonard Tan announced that as a first commitment from AEG Consortium to the Republic of Vanuatu, a formal invitation will be extended to both Ministers to visit China and Singapore later this year. In the mission, AEG Consortium will showcase a suite of successfully completed projects in partnership with other governments. The mission will also serve to enhance mutual commitments to concrete projects.
