Ministry of Trade and Industry (Singapore)’s Post

From 🌿 sustainability to 🤖 digital transformation and 🧠 innovation, Singapore and the Nordic and Baltic countries share many common national priorities. In a session with Ambassadors and Deputies from Denmark, Estonia, Finland, Lithuania, Norway, and Sweden, we discussed how companies from their countries see Asia as a bright spot for growth. Many are already in the region, including Southeast Asia, and partnering with Singapore to see how they can access more opportunities in growing markets. These span🔬 R&D and innovation to drive the 🌱 green transition, to scaling new solutions in the digital economy and advanced manufacturing. Singapore is committed to helping businesses tackle costs, deepen enterprise and workforce capabilities and operate more sustainably, while boosting our competitiveness as an investment destination. Measures announced at Budget 2024 are intended to address these priorities. Singapore Economic Development Board (EDB) looks forward to deepening our partnership with global companies, including those from the Nordics and Baltics! Andreas Aure | Sandra Jensen Landi | Priit Turk | Jurate Ramoskiene | Juha Markkanen | Jenny Egermark | Anders Sjoberg | Dino Tan | Brian Theng #sustainability #digitaleconomy #greeneconomy #advancedmanufacturing #innovation #southeastasia #singapore

Embracing a Sustainable Transformation: Singapore's Economic and Social Shift Singapore's Strategic Pivot As Singapore faces slower economic growth and rising costs, a strategic pivot is necessary to address issues from the nation's rapid expansion phase. While the country has benefited from sector-specific foreign labour for economic progress and cost management, the focus is shifting. Singapore now sees an opportunity to transition towards more sustainable and equitable growth models. This shift is not just a response to the economic slowdown but a proactive stance to reshape our future. Industry Transformation and Technological Integration The introduction of Industry Transformation Maps (ITMs) represents a commitment to enhancing sectors like advanced manufacturing, aerospace, and electronics through technology. By transitioning to high-value, technology-driven processes, Singapore is reducing its dependence on low-cost manual labour, focusing instead on creating high-skilled job opportunities for locals. This aligns with global trends towards automation, robotics, and digitalisation and elevates the local workforce's ability to handle more sophisticated roles. Sustainability at the Core The Singapore Green Plan 2030 integrates this economic transformation with environmental and social governance (ESG) principles, aiming to make Singapore a global city of sustainability. This plan addresses environmental concerns and ensures that economic growth aligns with sustainable practices. It's a holistic approach that combines innovation with responsibility, setting a global benchmark for development. Looking Forward This transformative phase is a crucial juncture for Singapore to adapt and lead in an era where value creation becomes the core focus over mere value addition. Singapore can ensure long-term resilience and prosperity by fostering a robust, sustainable, and technologically advanced economy. Conclusion The road ahead is challenging but filled with opportunities. We will focus on inclusivity, sustainability, and technological advancement as we recalibrate our economic strategies. Let's embrace these changes not as hurdles but as stepping stones to a future where economic growth and social well-being are intertwined. #SingaporeEconomy #Sustainability #Innovation #TechnologyIntegration #EconomicTransformation #FutureOfWork #GreenPlan2030 Image credit: DALL.E

✅Singaporean businesses hope to invest further in Hai Phong. ☑ Singapore is seeking opportunities to strengthen cooperation with Vietnam in general and northern Hai Phong city in particular in the digital economy and innovation, infrastructure, energy, sustainability, trade, investment, finance, transportation, and tourism, Country Head of the Singapore Business Federation (SBF) in Vietnam, Amy Wee, told city leaders during a working visit on November 8. ☑Representatives from a number of accompanying Singaporean businesses spoke about their strengths and their desire to do business and invest in areas such as electric motorcycles, healthcare, consumer goods, catering services, energy, road traffic, urban logistics, and interior design, among others. ☑The SBF looks forward to working with Hai Phong to organize more investment promotion programs and conferences to attract more investors and businesses specializing in the areas mentioned above. ☑Deputy Chairman of the Hai Phong City People’s Committee Hoang Minh Cuong said the city is focusing on promoting and attracting investment towards developing three economic pillars: industry - high technology, seaports - logistics, and tourism - trade, so welcomes and will create favorable conditions for Singaporean investors to do business. ☑According to Deputy Director of the Hai Phong Department of Planning and Investment, Tran Thi Hai Yen, there were 63 Singaporean investment projects in Hai Phong as of September, with total investment capital of nearly $2.8 billion, of which $2.6 billion was in industrial parks and economic zones.

Should Malaysia create a unified Super Economic Development Agency (SEDA) to ignite unprecedented growth? 🇲🇾💼 #EconomicDevelopment #Malaysia #GovernmentInitiatives 1️⃣ I have had the privilege of witnessing firsthand the power of collaboration, streamlined efforts, and strategic planning. Today, I extend my insights to the Malaysian government, urging the creation of SEDA #ProsperityCalling 2️⃣ Malaysia's potential on the global stage is immense, and by consolidating efforts under one efficient agency, you can unleash a powerful force of economic transformation. SEDA, nestled within the Ministry of International Trade (MITI), would bolster Malaysia's positioning as a formidable player in the global market. A united front will strengthen trade ties, open doors to new markets, and attract coveted foreign investments. #GlobalEconomy #TradeConnections 3️⃣ In our fast-paced world, agility and adaptability are paramount. SEDA's integration with MITI will expedite decision-making processes, ensuring rapid responses to emerging opportunities and challenges. Together, we can navigate the dynamic economic landscape with resilience and foresight. #AgileApproach #FutureReadiness 4️⃣ Embracing inclusivity, SEDA can create tailor-made strategies to empower diverse regions within Malaysia. By tapping into each area's unique economic potential, we ensure a harmonious and sustainable growth trajectory for the entire nation. Let's nurture innovation hubs across the country and create opportunities that uplift local communities. #InclusiveGrowth #EmpowermentMatters 5️⃣ Efficiency and resource optimization are at the heart of every successful venture. SEDA's unified structure will eliminate duplication of efforts, curtail bureaucratic bottlenecks, and channel resources strategically. This translates into cost-effectiveness, maximizing every investment made towards Malaysia's economic future. #ResourceEfficiency #MaximizeImpact 6️⃣ With SEDA at the helm, this synergy will thrive even more. By fostering partnerships, knowledge-sharing, and innovative projects, we pave the way for breakthrough advancements, propelling Malaysia into the vanguard of cutting-edge industries. #CollaborativeSynergy #InnovationNation 7️⃣ Lastly, let's view SEDA as a conduit for sustainable development. As we grow our economy, let's keep environmental consciousness at the forefront. By prioritizing green initiatives and sustainable practices. #SustainableFuture #GreenEconomy The creation of a Super Economic Development Agency under the Ministry of International Trade is a bold step towards realizing Malaysia's full economic potential. Let's unite our efforts, embrace innovation, and propel Malaysia towards a prosperous future. 🚀🌟 #EconomicProsperity #MalaysiaRising #SEDA Malaysia Digital Economy Corporation (MDEC) Ts. Mahadhir Aziz, PMP Gopi Ganesalingam Raymond Siva Arham Abdul Rahman Redza Rafiq Abdul Razak Invest Selangor Berhad InvestKL Muhammad Azmi Zulkifli

Good insights about circular economy in Asia countries.

Hon Tengku Zafrul Aziz, you have clearly articulated how Circular Economy (CE) can support ASEAN Growth. As an investor and business desirous to invest in Malaysia, we are happy to learn of MITI support of a CE that promotes responsible consumption and production practices by adopting principles such as reducing by design and value retention (e.g., recycling, reusing, repurposing). Personally, I believe these benefits include lowering emissions, reducing waste generation and pollution, lessening the need for natural resource extraction, increasing employment opportunities are immensely significant in the mid to long term. Thanks for sharing this insight. It is farsighted with high beneficial social impact.

It was great to hear Malaysia's Minister of Investment, Trade and Industry, Tengku Zafrul Aziz speak about the importance of Circularity and the role it has to play in growth at the 2024 Nikkei Forum, Tokyo, Japan. While it's paramount for businesses to become circular, current policies and the value chain still needs more development to become commercially viable. This is where SurplusLoop is ahead of the curve, we're enabling companies to sell surplus and used assets by matching them with businesses that need them, maximizing cash return on both sides allowing for investment into other areas of business. Ultimately extending the life of assets and reducing waste. Find out more on how we can help your company become more circular by reaching out to us at [email protected]

#fascinatingfacts about #singapore Did you know? Singapore (earlier known as Singapura) is an Island country with total landmass not exceeding 735 Sq. Km. Infact, its not just one Island but includes approx. 64 islands which surround the main Island of Singapore. Its estimated GDP (nominal) for the current year is approx. 644 bn USD with per capita income of USD 114,246 Singaporeans love to “Chope” their seats in the Hawker centres using packets of tissue paper 😊 If you are wondering What’s Chope : Well that’s Singlish for you; It means to reserve a seat! Singapore is one of the greenest cities in the world ( It is speculated that Bukit Timah Nature Reserve contains more tree species in a single hectare than total number of tree species found in North America). Last year, Singapore overtook Hong Kong to become Asia’s top financial center ( and is now No. 3 in the world with only New York and London ahead of it). Singapore continues to be placed as No. 2 in Ease of doing business index since 2017. It has signed Avoidance of Double Taxation agreements ( “DTAs”) with over 100 jurisdictions. It also has a robust financial services industry as it continues to be a hub for Funds industry and Wealth management. Key industry clusters in Singapore manufacturing space include Electronics, Energy & Chemicals, Biomedical sciences & Pharmaceuticals, Precision engineering. Other segments contributing to its growth include professional services (includes legal services and banking and financial services) and consumer businesses Over the years, It has also become one of the largest hubs for Startups , ESG and sustainability in Southeast Asia. Interesting…..isn’t it? #singapore #businessinsingapore #singaporeeconomy #SGbusiness #innovationlab #businessexpansion #funds #investinsingapore #startupsingapore