Singapore Economic Development Board (EDB)

From the first made-in-Singapore electric bus to a fully automated agricultural rack for harvesting vegetables, MNCs and local enterprises in #Singapore are joining forces to grow in Asia. Initiatives such as the Partnerships for Capability Transformation (PACT) scheme administered by EDB and Enterprise Singapore, aim to encourage greater collaboration between MNCs and the 286,000 small and medium-sized enterprises (#SMEs) in Singapore’s business ecosystem. Both sides benefit from these partnerships. Local enterprises can acquire expertise from MNCs to develop new capabilities, while MNCs can partner with local businesses in innovating new solutions to strengthen supply chains and ensure a shorter time to market. Read on to learn about the win-win outcomes from collaborations between Volvo Group and SC Auto, Illumina and KPP Packaging Pte Ltd, and OMRON Group and CLEMVISION PTE LTD. #MatchMadeinSG

The global #travel #retail market is expected to be worth S$197.2b (US$145.5b) by 2030, with APAC accounting for 40% of global market share by revenue. Here’s why #Singapore is the ideal hub for global consumer brands looking to capitalise on travel retail growth in APAC: ⚪ Singapore is well-connected to all three high-growth travel retail regions – China, India and a rising Southeast Asia. ⚪ Travel retail businesses based in Singapore will find it easy to build a skilled workforce with an understanding of Asia. ⚪ Singapore’s supportive and vibrant innovation ecosystem offers brands a low-cost approach to consumer innovation in the form of unique, differentiated retail concepts and experiences. Read on to discover some of the key trends shaping the travel retail space and how global brands can use Singapore as a strategic base for their expansion into Asia.

#Singapore has committed more than S$1b in funding over the next five years into #AI compute, talent and industry development, so that businesses here can unlock growth opportunities through AI-powered #innovation. From attracting AI talent and reskilling the workforce to anchoring new AI centres of excellence, Singapore’s refreshed National AI Strategy contains action plans to position the country as a leader in the field of AI. Hear from Accenture Singapore’s Country Managing Director Mark Tham on how Singapore’s AI ecosystem can help businesses accelerate transformation and growth through the use of AI.

As Southeast Asia’s growth momentum continues – it’s tipped to be the fourth-largest economy in the world by 2030 – #Singapore is keen to partner with businesses seeking a springboard to the region and the world. For former IBM Chairman and CEO Ginni Rometty, a member of EDB’s International Advisory Council, Singapore stands out as a global #business #hub for three key reasons. She puts it down to free and open markets, transparent regulations and a keen commitment to lifelong education and upskilling workers. Watch the full video to hear her views on how businesses in Singapore can thrive and be a force for good. Read the Q&A: https://lnkd.in/giKkT46t

Taiwanese semiconductor company MediaTek is marking its 20th anniversary in Singapore! It intends to invest more than S$500m over the next five years to advance R&D and tech #innovation capabilities to capture new markets for Computing, Automotives, and Cloud-AI. Through a new partnership with Singapore University of Technology and Design (SUTD), MediaTek will conduct R&D into 6G technologies that will also strengthen Singapore's 5G ecosystem. With over 400 employees in Singapore, MediaTek Singapore is the largest Integrated Circuit (IC) design house here, partnering with the ecosystem and talent pool to develop some of the world's most advanced System-on-a-Chip (SoC) technologies. Six of the top 10 global IC design houses have R&D activities in Singapore and employ 2,500 R&D engineers. A key priority for Singapore is to double the number of R&D engineers in IC design by 2030 and to do this, EDB has launched a S$5.4m programme to train digital IC designers. New initiatives to train analogue IC designers and support more IC designers for postgraduate training are also in the works. Partnerships between Singapore's research institutes, institutes of higher learning, industry players, and Singapore Semiconductor Industry Association (SSIA) are key to supporting Singapore's efforts to grow the #semiconductor #talent pipeline. Read more about MediaTek and SUTD's collaboration: https://lnkd.in/gdsDXff5

Keen to ring an expert for help on your international expansion? Check out EDB's curated list of workshops on expanding to Asia. The Workshop provides a free 1-hour consultation to guide your global expansion. Speak with our network of experts to get custom advice tailored to your business needs and accelerate your global expansion journey. Here are some of the workshops available: ⚪ Banking seamlessly across Southeast Asia from Singapore (by DBS Bank) ⚪ Doing business in Singapore: Your gateway to Southeast Asia (by Hawksford) ⚪ Expanding into Southeast Asia: How to attract top talent (by G-P) ⚪ Market expansion: Growing your revenue in APAC (by Asia Market Entry) ⚪ Manufacturing strategies for Southeast Asia (by Gallant Venture Ltd) Learn more about other workshops and register today at: https://lnkd.in/gvp7Ay-s #TheWorkshop

Global #biopharmaceutical giant GSK will power its three manufacturing sites in #Singapore with 100% renewable energy from 1 January 2025! Under GSK’s 10-year energy deal with Sembcorp Industries Ltd, electricity demand for its manufacturing facilities will be covered by renewable energy certificates from Sembcorp’s solar projects, with GSK’s on-site solar panels providing about 3% of power needs. The renewable electricity deal is a crucial part of GSK’s global push to decarbonise its manufacturing facilities, to reduce the environmental impact of developing and manufacturing medicines and vaccines. GSK was the first global healthcare company to set up in Singapore in 1959. Today, its manufacturing facilities in Singapore produce innovative medicines and vaccines for HIV, oncology and infectious diseases. Singapore is also home to GSK’s regional headquarters and the company hires over 1,500 employees here. GSK’s deal with Sembcorp, a Singapore-headquartered renewable energy player with a global renewable energy portfolio, is an example of how Singapore’s business ecosystem helps global MNCs meet #sustainability and growth goals. Learn more about GSK’s move to green its manufacturing operations in Singapore: https://lnkd.in/gt5q-eRS

The aviation industry's remarkable recovery continues, with the #aerospace sector also demonstrating a strong comeback post-pandemic. The APAC region is expected to account for one-third of the total global demand for maintenance, repair and overhaul (MRO) services in 2024, which is expected to continue to grow in the next decade. Aerospace companies are boosting capacity, capabilities and productivity in Singapore to better serve their customers. Hear from Simon Middlebrough, CEO of Singapore Aero Engine Services Private Limited (SAESL), on its expansion plans and why Singapore is the ideal base for businesses to expand to capture opportunities in the region. A joint venture between Rolls-Royce and SIA Engineering Company, SAESL is one of the world’s largest Rolls-Royce Trent engine MRO organisations. The #Singapore-based company is gearing up to serve an expected increase in demand for MRO services, and is working closely with Rolls-Royce to ensure all its activities are Sustainable Aviation Fuel-compatible. Watch the video for more.

EDB, the Singapore Global Network, IMDA and JTC Corporation, were thrilled to bring a slice of Singapore to Berlin! At Tech Open Air in Berlin, we co-hosted a Masterclass and Open Circle Dinner for startup founders to highlight Singapore’s tech ecosystem and connectivity to Asia’s growing markets. In 2023, #Singapore and #Germany celebrated 200 years of friendship between our countries. Today, more than 2,300 German companies use Singapore as a base for a range of functions and partnerships to support their regional activities in Asia. Two key priorities were top of mind for the founders present – the opportunities presented by #AI and the green economy. Views on how Singapore built a vibrant AI ecosystem with more than 1,100 AI startups and 150 AI R&D teams, fueled in part by the world’s highest VC funding per capita, were exchanged among the founders. Located in a region that is set to be a growth market for sustainable products, low-carbon infrastructure, and carbon management services, Singapore has also committed to working with innovative technology providers globally to develop and scale solutions that help meet sustainability commitments. The dinner, complete with authentic Singaporean cuisine from Ma-Makan and Tiger Beer from Asia Pacific Breweries Singapore (Part of The HEINEKEN Company), was not just a celebration of the successes of current collaboration but, more importantly, the openness and desire to partner on shared priorities. Here’s a snapshot of what went down at the event. All guests got to bring home and plant their special seed-infused menus, which featured an exclusive artwork by Singaporean local artist Joline Lim.

#Singapore is the world’s most competitive economy, according to the 2024 IMD World Competitiveness Ranking. The city-state’s ability to seize opportunities from new disruptive technologies like #AI by supporting businesses in digital transformation and reskilling workers was singled out as a key factor for its economic competitiveness. Published by Swiss business school Institute for Management Development (IMD), the ranking measures the competitiveness of 67 global economies in providing an environment that allows for long-term, sustainable economic development. Singapore scored well in areas such as economic performance, government efficiency, business efficiency and infrastructure.