Singapore businesses urged to look to Estonia for new opportunities
Prime Minister of Estonia leads first ever delegation of senior government officials and businessmen
to Singapore
Singapore-Estonia MOU inked on joint venture towards Estonia's 2020 renewable energy goal
Singapore, Wednesday, 09 November 2011 - Singapore Business Federation (SBF) today facilitated the first ever visit by an Estonian business and official delegation to Singapore. The trip to Singapore is in conjunction with the working visit of His Excellency Andrus Ansip, Prime Minister of Estonia from 8 - 9 November 2011 to explore potential collaborations with Singapore businesses. The composition of the 29-member delegation led by the Estonian Chamber of Commerce and Industry (ECCI), and Estonian Logistics Cluster included senior representatives and elite businessmen from the energy, ICT, infrastructure, logistics and transport industries.
A luncheon was hosted by SBF for Prime Minister Andrus Ansip to meet key Singapore business leaders from Tolaram Group, IDA International, Singapore Power, Surbana International, Skype Singapore Pte Ltd, Jurong International, the Singapore Infocomm Technology Federation and the Singapore Logistics Association amongst others. At the session, Prime Minister Andrus Ansip invited Singapore businesses to explore opportunities in key growth industries in Estonia.
"The Singapore Business Federation is delighted to have facilitated this luncheon between top Singapore companies and Prime Minister Ansip and his delegation. There are synergies for Singapore and Estonian companies to collaborate in energy, urban planning and ports management, and we are confident that this visit will spur further exchanges between companies from both sides," said Mr R. Narayanamohan, Vice-Chairman of SBF.
Following the lunch, Prime Minister Andrus Ansip delivered a keynote address at the Estonia-Singapore Business Forum 2011 with some 120 participants in attendance. They were introduced to the emerging business sectors of Estonia open to participation by Singapore businesses, and also gained expert advice on the economy. Businessmen from both countries had the opportunity to meet with potential counterparts.
Prime Minister Andrus Ansip also witnessed the signing of an MOU between Tolaram Group and Estonian Energy (state-owned electricity company) to form a joint venture aimed at implementing a 'Combined Heat & Power' (CHP) project using local biomass. The project is expected to improve the overall energy efficiency in Estonia through the increased use of local bio-fuels, reduction of natural gas consumption and carbon dioxide emissions. This bio-mass fuelled CHP project is estimated to cost Euro 30.0 million and is targeted to be commissioned by end 2014, in order to meet Estonia's 2020 renewable energy goal.
In his opening remarks, Mr Ho Meng Kit, CEO of SBF commented, "Estonia is known for its political stability, prudent macroeconomic policies, well-supported infrastructure network, investors' equality and relatively low cost of doing business." He also added, "With its valuable heritage and links to the Baltic countries, Estonia serves as an ideal entry point for Singapore companies interested to engage the markets of the surrounding countries like Finland and Sweden."
With globalisation and increased competition, SBF is proactively assisting Singapore companies in venturing overseas to seek opportunities in new and emerging markets. The emerging markets in Europe are drawing attention with their attractive trade and investment opportunities, and SBF continues to play a pivotal role in facilitating market development efforts into these European markets. Since the beginning of this year, SBF has organised eight Europe-centric events.
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