Singapore will stay a trusted associate to international companies, serving as a protected harbour for his or her capital, expertise and mental property, mentioned Commerce and Trade Minister Chan Chun Sing.
In a keynote speech on the Nikkei Discussion board’s Progressive Asia 2021 convention yesterday, he mentioned Singapore understands that for secure long-term returns, coverage consistency and enterprise atmosphere predictability are crucial issues for companies investing overseas.
“That is the explanation why Singapore will do its utmost to permit firms sited right here to fulfil their worldwide industrial obligations, by no means proscribing exports for our profit,” he instructed the convention held on the Suntec Singapore Conference and Exhibition Centre.
He famous that Singapore’s various enterprise ecosystem permits firms to simply and quickly entry complementary capabilities.
For companies seeking to speed up innovation, there’s a robust community of established firms and progressive start-ups that may present a leg-up to companies primarily based in Singapore, the minister added.
Noting the success of Singapore’s investor-friendly insurance policies, he mentioned that regardless of the difficult enterprise atmosphere final yr, the Republic attracted funding commitments exceeding $17 billion in mounted asset investments.
“These investments are a robust sign of confidence in Singapore amid an unsure world that we are going to by no means take with no consideration and which we are going to search to repay many instances over.”
Mr Chan additionally mentioned that the post-Covid-19 world will carry with it numerous longer-term challenges and developments, a few of which have been accentuated and accelerated by the pandemic. As well as, geopolitical tensions have threatened to distort the right functioning of our international financial system, whereas technological developments have disrupted many standard enterprise fashions, he added.
The demographics of the world are altering as properly, with developed economies ageing quickly and the inhabitants of rising markets rising quickly.
“This has critical implications on the sample of consumption, manufacturing, investments and, consequently, commerce flows. Economies and companies must fastidiously think about the evolving demographic dynamics,” Mr Chan mentioned.
He added that the resilience of provide chains can also be beneath menace.
“The insecurity of provide chains, whether or not it’s perceived or not, has aggravated the protectionist tendencies in lots of nations.”
Singapore understands the challenges and aspirations of worldwide companies, Mr Chan mentioned, and affords a predictable, coherent and progressive enterprise atmosphere to mobilise capital in a trusted system, combination expertise in an open system and defend mental property in a clear and honest authorized system.
The Republic affords a related atmosphere with the widest free commerce and digital financial system agreements community to mitigate the chance of a bifurcated or fragmented world, he added.