Bilateral Cooperation between Italian and Singaporean SMEs

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Presentation transcript:

Bilateral Cooperation between Italian and Singaporean SMEs ROUND TABLE DISCUSSION ON ITALY-SINGAPORE BUSINESS & INVESTMENT OPPORTUNITIES Bilateral Cooperation between Italian and Singaporean SMEs PRESENTED BY: TED TAN, DEPUTY CHIEF EXECUTIVE, SPRING SINGAPORE 11 DECEMBER 2013

Bilateral Trade and Investment Relations Bilateral Cooperation between Italian and Singaporean SMEs Bilateral Trade and Investment Relations In 2012, Italy is Singapore’s 6th largest trading partner in the EU Total bilateral trade at S$5.48 billion Italy is Singapore’s 12th largest EU investor Total foreign direct investment into Singapore valued at S$484 million at end-2011 327 Italian companies registered in Singapore Primarily in the services, electronics and chemical sectors As of end-2011, Singapore’s direct investments into Italy stood at approximately S$222 million Singapore’s investments in Italy are concentrated in the financial services and manufacturing sectors

MOU on the Cooperation of SMEs Bilateral Cooperation between Italian and Singaporean SMEs MOU on the Cooperation of SMEs Signed between SPRING Singapore and the Italian Ministry of Economic Development on 24 July 2013 In effect for a period of 2 years To encourage and forge strategic business collaborations and partnerships between Italian and Singaporean SMEs SPRING had supported the Italian Trade Commission in a series of trade events (Cosmetic, Jewellery, Eyewear) from Oct – Nov 2013 Invited Singaporean SMEs and industry associations to attend the events Provided opportunities for Singaporean SMEs to network, share ideas and explore potential collaborations with the Italian retailers

Successful Collaborations Bilateral Cooperation between Italian and Singaporean SMEs Successful Collaborations Singapore has always had strong engagement with Italy in the furniture industry. Singapore Furniture Industries Council (SFIC) has been actively helping Singaporean SMEs partner with world-class Italian furniture players and designers. 2012: A group of Italian furniture retailers were invited to Singapore to attend the International Furniture Fair. 2013: An inaugural showcase of Singapore’s finest furniture designs and collections at the Milan Design Week in Italy. Singaporean SMEs, such as XTRA and Proof Living, have partnered with Italian counterparts by distributing their brands to South East Asia and Asia.

Bilateral Cooperation between Italian and Singaporean SMEs New Opportunities Cultivate new Italy-Singapore SME partnerships beyond the furniture industry Other opportunities stated in the MOU include food, fashion and related industries, lifestyle products, conventional and alternative energies, as well as industrial machineries SPRING Singapore, IE Singapore, EDB can help create such new opportunities Identifying suitable local partners for Italian companies Facilitating exchanges of know-how and experts Creating networking opportunities between local and Italian companies Organising business development and study missions to Italy

Singapore as a Gateway to Opportunities in ASEAN Bilateral Cooperation between Italian and Singaporean SMEs Singapore as a Gateway to Opportunities in ASEAN Singapore’s strategic geographical position, cultural proximity and strong connectivity with ASEAN Singapore government’s pro-business policies and infrastructure World Bank has ranked Singapore as “The world’s easiest place to do business” in 2012 EU-Singapore Free Trade Agreement (EUSFTA)

Thank You