Singapore-Armenia Business Roundtable Explores Emerging Business Opportunities and Closer Collaboration
- Organised in conjunction with the official visit of His Excellency Nikol Pashinyan, Prime Minister of the Republic of Armenia and accompanying high-level government delegation.
- Emerging opportunities identified in areas of technology, transport and infrastructure, tourism and healthcare amongst others.
The roundtable drew interest from close to 10 established Singapore companies from a wide range of diverse sectors including manufacturing, energy, real estate, agri-commodities, technology & analytics as well as general trading. (Please see Annex A for list of participating companies).
Following a welcome address by Senior Minister of State Dr Koh, Prime Minister Pashinyan, in his keynote speech, encouraged closer collaboration in the areas of trade and investment between the two countries.
The roundtable also provided the Singapore business community with insights on business opportunities and developments in Armenia, including the government’s push to build an innovative economy with a focus on its thriving technology sector.
Mr Arsen Gasparyan, Armenia’s Senior Adviser to the Prime Minister, gave an overview of Armenia’s trade and investment policies, while Mr. Hakob Arshakyan, Minister of High-Technological Industry, introduced Armenia’s rising tech and startup scene, one of the growth drivers of the Armenian economy.
According to the World Bank’s latest projection, the Armenian economy is expected to grow by 4.2 per cent in 2019, 4.9 per cent in 2020 and 5.2 per cent in 2021. While total bilateral trade between Singapore and Armenia remains modest at $2.8 million in 2018, its economic progress and favourable business environment makes the country an attractive investment destination for Singapore companies.
The main imports of Singapore from Armenia are apparel and footwear, jewellery, clocks and watches, as well as machinery and appliances. The main exports of Singapore to Armenia are machinery, appliances and vehicles.
SBF CEO Mr Ho Meng Kit said, “Sessions such as today’s Business Roundtable provide a valuable platform for our companies to better understand the business landscape in Armenia, for example, regarding government policies, economic development plans, and investment opportunities, particularly in high-growth sectors.
The roundtable, organised in conjunction with H.E. Nikol Pashinyan’s visit is a clear sign of commitment from both governments, and I look forward to more business engagements between the two countries, especially through the Eurasian Economic Union (EAEU) – Singapore Free Trade Agreement (EAEUSFTA). Once concluded and entered into force, the EAEUSFTA will bring benefits and facilitate trade opportunities for both Armenian and Singapore companies.”