SINGAPORE, July 12 (Xinhua) -- Singaporean Prime Minister Lee Hsien Loong and the visiting South Korean President Moon Jae-in witnessed the exchange of two Memoranda of Understanding (MOUs) between the two governments, according to a media release issued by the Enterprise Singapore on Thursday.

The two MOUs are expected to establish new partnerships that drive collaboration and co-innovation between South Korean and Singapore's enterprises, especially among small and medium enterprises (SMEs) and startups.

They were exchanged by the Enterprise Singapore with the South Korea's Ministry of SMEs & Startups and the Korea Trade-Investment Promotion Agency.

According to the media release, these partnerships would offer opportunities for big and small enterprises in both countries to expand into new markets, and jointly tackle cross-border projects through business alliances.

Png Cheong Boon, Chief Executive Officer of Enterprise Singapore, said in the media release that the two countries' economic relations have been growing steadily over the years.

Moon Jae-in's state visit to Singapore will last from July 11 to 13.