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Business Partners
Economic Development Board
Partnering Singapore for success in Asia
Contributed by Dr An Wee Moo, Regional Director (EU), Singapore Economic Development Board.
Asia has moved past its traditional role as a supplier of components,
and the region is fast becoming a driving force for the
global economic demand. Apart from China and India, there has
been a growing recognition of Southeast Asia (SEA) as the third
driver of economic growth in Asia. The region offers a market for
technologies and products that satisfy the needs of more than 600
million people.
The growing middle-class in Asia is also increasingly
demanding higher-end and better quality products. Many global
leaders, including German Mittelstand, have hence anchored
manufacturing and research & development activities in Asia.
To successfully find one’s way within the different regional
regulations, cultural habits and business conditions, a reliable,
secure and well-connected location is crucial to conducting
business in Asia.
Singapore: Made for German Mittelstand
Singapore, situated at the heart of SEA, stands out as a trusted
and sophisticated business hub for German companies to
expand into high growth markets like China, India and the rest of
Southeast Asia. Many German companies have benefitted from
Singapore’s stable political environment, highly skilled workforce
and sophisticated infrastructure. In the last decade, the number of
German companies with a presence in Singapore has increased
by almost three times. Today, there are more than 1,400 German
companies in Singapore.
As Singapore continues to develop, the contributions of the
German Mittelstand Champions (GMC) are just as important
as the big Multinational companies. Hence the government
is committed to attracting more GMCs to establish high value
manufacturing and R&D activities in Singapore.
The GMCs are guided by three core principles in their search
for a suitable location to implement their Asia strategy:
economic sustainability, trustworthiness, and a businessfriendly
environment.
Singapore offers excellent solutions to the business requirements
of the German Mittelstand, and is a proven, reliable partner
in Asia. With renowned research institutes and universities,
a diverse pool of local and international talent and strong IP
protection, Singapore enables a business-friendly environment
for companies.
GMCs, such as TRUMPF and Rohde & Schwarz, put great
emphasis on continuity and stability as preconditions for longterm
economic success. Economic sustainability driven by longterm
thinking is part of both Singapore and German Mittelstand’s
DNA. Over the years, Singapore has shown its ability to make sustainable
long-term plans, and will continue to have this focus to
grow the economy for the future.
GMCs like Heraeus, DORMA, MANN+HUMMEL, Pepperl+Fuchs,
SICK, and Festo have made Singapore their strategic second
mainstay, and have found Singapore to be a trustworthy partner
to enable them to harness the potential of Asia Pacific. They have
established regional headquarters, research & development facilities,
as well as regional competence centers to serve the regional
and global markets from Singapore.
Tapping Asia’s growth through Singapore
As the global transportation hub with the most extensive and
comprehensive network of trade agreements in Asia, Singapore’s
unparalleled connectivity and infrastructure paves the way for
better market access and trade flows. GMCs can benefit from
the 20 regional and bilateral free trade agreements (FTA) that
Singapore has signed with 31 trading partners. Singapore and the
European Union (EU) are also in the process of establishing a free
trade agreement that is set to strengthen EU trade and investment
with Singapore and the ASEAN region.
As GMCs grow their leadership positions globally, and capitalize
on the opportunities in Southeast Asia; Singapore will continue to
offer business and innovation friendly environment making Singapore
the ideal partner for German companies to achieve long-term
success in the region.
Contact
Singapore Economic Development Board
Address: 250 North Bridge Road, #28-00 Raffles City Tower
Singapore 179101
Phone: +65 6832 6832
Fax: +65 6832 6565
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