Singapore, Friday, 13 February 2009 - SMEs keen on breaking into the European market, Singapore's second largest trading partner, were given invaluable business advice, including insider business tips and the latest trade statistics at a briefing on doing business with Europe today.
The seminar, jointly organized by the Singapore Business Federation (SBF), Singapore's apex business chamber, the Delegation of the European Commission and the European Chamber of Commerce, was attended by 130 participants, Ambassadors from the European Union (EU), at least 10 EU Trade Counselors and the local business community. This event also saw the launch of the EU-Singapore Trade and Investment Booklet 08 which revealed the latest trade and investment research conducted by the Delegation last year.
In his welcome remarks, Mr. H.E. Holger Standertskjold, the Ambassador and the Head of Delegation of the European Commission to Singapore, said "What we need is to encourage companies to use the difficult times ahead to prepare themselves for the future world economic recovery. European and Singaporean companies, which in the main are financially sound, should reengineer and reinvent themselves to emerge stronger but also do their utmost to capture new market opportunities in the world."
The Ambassador also revealed that EU-Singapore Trade increased 7.1% from S$97.5 billion in 2007 to S$104 billion in 2008. The EU is Singapore's largest source of Foreign Direct Investment (S$130 billion, 35.7% of total FDI). He noted that there is potential for further growth with an upcoming Free Trade Agreement between the EU and ASEAN.
Mr Tan Poh Teck, Deputy Executive Director, Global Business Division, SBF, said, "
Within ASEAN, Singapore is the EU's largest trading partner, accounting for about a third of all trade between the EU and ASEAN. And Singapore is privileged to be the regional hub to over 2,400 European MNCs and SMEs that have established business operations in Singapore."
"Similarly, Singapore companies can build on complimentary strengths with their European counterparts to tap on the rising dynamism of the EU market. A good number of companies have achieved success in Europe and we are honoured today, to have companies who will share their experiences with us. I hope such sharing would encourage more Singapore companies to venture into the exciting European Union."
The seminar also saw Ms. Helene Toury of Veolia Water Solutions & Technologies and Mr. Sonny Aswani, Managing Director, Tolaram Group and Estonia's Honorary Consul to Singapore, sharing their business experiences with participants.
In Ms. Toury's presentation, she explained how Singapore might appeal to European business partners. She said that Singapore's strengths lie in its successful economic business model, geographic situation, optimized infrastructure, positioning in high technology and competitive business environment.
Mr. Aswani gave an inspiring anecdote of how his family-owned SME business flourished in Estonia ever since his family relocated there about 14 years ago. They have business operations in the textile and paper pulp industry. He emphasized that there were still business opportunities in the European market despite perceived higher costs. Having a manufacturing plant in Europe's own backyard allowed Mr Aswani to find a business niche and meet European clients' needs - high quality goods that can be delivered at a specific time and in small quantities.
During the panel discussion, participants expressed their concerns over the high taxation rates and currency rates in Europe that make doing business less profitable than if they did so in other continents.
Mr. Joachim Ihrcke, President of the European Chamber of Commerce, Singapore, assured the participants and said that the SBF and the European Chamber are working closely together in giving local SMEs practical help in breaking into the European market.
They have identified key industries in Europe which companies could look into for business opportunities and are in the process of identifying key countries. There will likely be a pilot scheme where arrangements will be made for 20 selected Singapore companies to have factory visits in Europe. They will get to meet European factory owners face to face.
Participants then proceeded to interact with 10 Trade Counselors from the EU to find out more that about exporting to Europe.
For more information please contact:
Renee Koh
Assistant Director, Americas, Middle East, Africa, Europe and Oceania
Singapore Business Federation
Tel: 6827 6866
Email: market.amea@sbf.org.sg
About Singapore Business Federation
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore, in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, please visit our website:
www.sbf.org.sg
About European Commission to Singapore
The Delegation of the European Commission in Singapore was established in 2003. As a diplomatic mission of the European Commission, the Delegation works to enhance the visibility of the European Union and promotes closer ties with Singapore by providing an efficient and reliable communications channel between the Commission and the Singapore government.
About European Chamber of Commerce (Singapore)
The European Chamber of Commerce (Singapore), known as EuroCham is the federation of all the European National Business Groups in Singapore as well as direct corporate members. This is a vital and unique organization that has the structure and charter to promote trade between Europe and Singapore.
For media enquiries please contact:
Gerald De Cotta, SBF, Tel: 6827 6896
Genette Koh, SBF, Tel: 6827 6874
Luenne Angela Choa, Press & Information Officer, The Delegation of the European Commission to Singapore
Tel: 63367919,
Mobile: 96949110,
Email:
luenne.choa@ec.europa.eu |
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