ISSUE #66 – The latest edition of FOCUS magazine, Connecting to the Region, explores the theme of Singapore as a springboard to Asia.
With a total population of over 650 million, more than 60% under 35 years old, collectively, the region is the world’s sixth-largest economy with a GDP of US$2.76 trillion in 2017, Asia’s third largest growth engine after China and India.
Shaping this growth further is the ASEAN Economic Community (AEC) established in 2015, which aims to create a highly competitive economic area with a single market and production base, strengthened export capacity and better-integrated regional supply chains.
Under the AEC, ASEAN will see a freer flow of goods, with lower manufacturing and production costs when raw materials or inputs are sourced within the region. Singapore manufacturers can look to improved access – exporting to other ASEAN countries without having to pay tariffs for many products for instance.
Why Singapore as a springboard? We have interviewed several businesses in this edition, MNCs, SMEs and start-ups across different sectors – pharmaceutical (Pierre Fabre Medicament page 16), industry (Poclain Hydraulics page 18), food and nutrition (Roquette page 23), tech (ComingWorks page 22), services (Sodexo pages 20 – 21), to get perspectives on how they are charting their business development from Singapore.
Many reasons for Singapore as a choice destination are evoked – detailed in our interviews with the newly-launched governmental agency Enterprise Singapore (interview on pages 14 – 16), which shares also on its new initiatives in supporting business expansion out of Singapore, as well as the business chamber Singapore Business Federation (interview on pages 12 – 13).
We’ve put together a few quick statistics on Singapore and ASEAN. Find out how the French Chamber in Singapore and its network can help you develop your business.
Sources: IMF World Economic Outlook (April 2018), ASEAN Secretariat, ASEAN UP, PwC Singapore
Published in FOCUS Magazine — Issue #2 2018 “Connecting to the Region”