Monday, 22 April 2024

“Doing business in Singapore” Strengthening trade relations with Singapore and links with Southeast Asia markets


“Doing business in Singapore” Strengthening trade relations with Singapore and links with Southeast Asia markets

Athens, April 22nd, 2024 | The Greek Investment and Foreign Trade Company (Enterprise Greece), in cooperation with the Office of Economic & Commercial Affairs at the Greek Embassy in Singapore, implemented the 20th educational/informational event in the series “Doing Business in... challenges and opportunities”, with Singapore as the target market. The event, which was held online on Wednesday, April 17th, 2024, was the first for this year.

During the event, with a total of 100 registered participants, distinguished speakers from the Greek Embassy and the business community analysed the special aspects of the Singapore market, with English as its official language, placing emphasis on the pharmaceuticals, shipping, high-tech & startups, and biotechnology sectors.

A common finding was that, while Singapore is a small country in terms of size, it is experiencing a dynamic growth and has managed to acquire a strong brand name, which is attributed both to issues of political stability, rule of law and a favourable business environment, as well as to its geographical location and its role as an international transit centre and gateway to the remaining fast-growing countries, mainly in Southeast Asia.

Promising sectors with significant growth prospects include medical technology, with an annual growth rate projected at 10% by 2030, pharmaceuticals and biotechnology, which benefit from the friendly business environment as well as trademark and stable jurisprudence protection, high tech-information technology and telecommunications, consumer businesses, renewable energy sources, and food and beverages, 95% of which are imported.

Specifically for the high-tech sector, it was mentioned that Singapore is Asia’s digital capital (tech hub), having created a strong ecosystem, with the government supporting innovative businesses and providing incentives for research and development, as well as for the digital transformation of the industry.

In his address, the CEO of Enterprise Greece, Dr. Marinos Giannopoulos, said among other things: “Greek businesses are looking for information on markets with export opportunities for Greek products, and Singapore is constantly gaining ground as an export destination. With this particular event, we have the chance not only to reaffirm the very good bonds of friendship and cooperation that govern the bilateral relations between the two countries, but also the huge opportunities that exist in order to enhance our commercial transactions.

This was followed by the Ambassador of Greece to Singapore, Mr. Georgios Dogoritis’ address, who said: “The dynamism of Singapore's economy, which has turned it into a financial centre in Southeast Asia, the country's adaptability to new trends in the global economy, as it is reflected in the importance it has obtained as a centre of high technology, research and development, and a place for the development of high-value start-up companies, as well as its key geographical location as a sea and air transport hub, constitute fertile ground for the Greek companies that wish to do business in Singapore. The Embassy, through its network of contacts, is willing to assist our country's companies in the implementation of their outward-oriented plans concerning Singapore.

During his overview of the bilateral relations between the two countries, Mr. Emmanuel Markianos, Head of the Office of Economic & Commercial Affairs at the Greek Embassy in Singapore, and Economic & Commercial Affairs Counsellor A', said: “Singapore is a highly developed market economy and constitutes one of the most important transit centres in the world. The Embassy's objectives are to develop the Greek brand name in the Singapore market and to increase Greek exports. To this end, we believe that a stronger presence of Greek companies is required, also focusing on its potential as a bridge in order to connect with the other markets in Southeast Asia.