Bilateral Cooperation between Italian and Singaporean SMEs

1
Bilateral Cooperation between Italian and
Singaporean SMEs
ROUND TABLE DISCUSSION ON ITALY-SINGAPORE
BUSINESS INVESTMENT OPPORTUNITIES

• PRESENTED BY
• TED TAN, DEPUTY CHIEF EXECUTIVE, SPRING SINGAPORE
• 11 DECEMBER 2013

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Bilateral Trade and Investment Relations

• Bilateral Cooperation between Italian and
  Singaporean SMEs

• In 2012, Italy is Singapores 6th largest trading
  partner in the EU
• Total bilateral trade at S5.48 billion
• Italy is Singapores 12th largest EU investor
• Total foreign direct investment into Singapore
  valued at S484 million at end-2011
• 327 Italian companies registered in Singapore
• Primarily in the services, electronics and
  chemical sectors
• As of end-2011, Singapores direct investments
  into Italy stood at approximately S222 million
• Singapores investments in Italy are concentrated
  in the financial services and manufacturing
  sectors

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MOU on the Cooperation of SMEs

• Bilateral Cooperation between Italian and
  Singaporean 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

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Successful Collaborations

• Bilateral Cooperation between Italian and
  Singaporean SMEs

• 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 Singapores 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.

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New Opportunities

• Bilateral Cooperation between Italian and
  Singaporean SMEs

• 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

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Singapore as a Gateway to Opportunities in ASEAN

• Bilateral Cooperation between Italian and
  Singaporean SMEs

• Singapores strategic geographical position,
  cultural proximity and strong connectivity with
  ASEAN
• Singapore governments pro-business policies and
  infrastructure
• World Bank has ranked Singapore as The worlds
  easiest place to do business in 2012
• EU-Singapore Free Trade Agreement (EUSFTA)

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Thank You