IE Singapore and SBF sign MOUs with Poland and Czech Republic to help Singapore companies explore manufacturing and technology partnerships20 May 2017 [Singapore] - To help more Singapore companies expand overseas and look at manufacturing and technology partnerships with Poland and Czech Republic, International Enterprise (IE) Singapore and the Singapore Business Federation (SBF) will sign Memoranda of Understanding (MOUs) with the Polish Investment and Trade Agency, the CzechTrade Promotion Agency, and the Confederation of Czech Industries. The MOUs, which will facilitate specific collaboration in manufacturing, transport and logistics and infocomm technology (ICT), will be signed during a mission jointly led by IE Singapore and SBF from 21 to 26 May, in conjunction with Singapore President Dr Tony Tan Keng Yam’s state visit to Poland and Czech Republic.
Tapping on Central Eastern Europe as a gateway to Europe
Central Eastern Europe (CEE) comprise some of the fastest growing economies in the European Union (EU) with GDP growth rates well above the EU average of 1.5%. With strong consumer spending and an improved labour market, Poland’s GDP growth is expected to hit 3.4%1 in 2017; double that of the EU average. Similarly, a strong economic rebound in Czech Republic is expected to bring its GDP growth to 2.6% in 2017. Poland is looking to improve its aviation and logistics sectors while Czech Republic is growing its manufacturing and nano- and biotechnology sectors to drive economic growth.
Mr Yew Sung Pei, Assistant CEO of IE Singapore, said, “Growth in Central Eastern Europe is predicted to grow robustly, averaging 3.2% in 2017 and 3.0% in 20182. With the region’s availability of skilled labour and advanced technology, we see opportunities for technology collaboration between Singapore and CEE manufacturers. With a foothold in Poland and Czech Republic, companies can leverage their position to serve the wider EU market of 500 million customers.”
To facilitate closer partnership between Singapore with Poland and Czech Republic, IE Singapore will sign MOUs with the Polish Investment and Trade Agency and the CzechTrade Promotion Agency to look at collaboration and information exchange in advanced manufacturing, Industry 4.0, e-commerce as well as logistics and infrastructure development.
SBF will be sign an MOU with the Polish Investment and Trade Agency and renew its MOU with the Confederation of Czech Industries to facilitate information exchange, promote bilateral trade and investment among the business communities from both countries and avail platforms for technical cooperation. This is SBF’s third Business Mission to Poland and the second to Czech Republic.
Mr Ho Meng Kit, CEO of SBF said, “Both Czech Republic and Poland are similar to Singapore in their perspectives to adopt innovation to propel their economies further. We encourage stronger collaboration between the Singapore and Polish business communities in the areas of advanced manufacturing, fintech, info communications, medtech, high tech agriculture and food security. We can work together and harness our knowledge in R&D to jointly develop transformative solutions.”
Singapore companies such as Napier Healthcare see strong potential in Central Eastern Europe. IE Singapore facilitated Napier Healthcare’s partnership with Czech Republic’s Partritus, where Napier Healthcare will pilot its Remote Patient Monitoring (RPM) system in Partritus’ high-end spa and wellness resorts across Europe, starting with the Czech Republic, Slovakia and Poland. The two will sign an MOU at the Czech Republic-Singapore Business Forum on 24 May.
Mission programme highlights
Over 20 company representatives on the mission will get to meet local businesses and engage in business meetings and site visits facilitated by IE Singapore and SBF to better understand the business landscapes and explore collaboration.
In Poland, SBF, IE Singapore and the Polish Investment and Trade Agency will organise the Poland-Singapore Business Forum in Warsaw on 22 May, allowing for business discussions and networking between Singapore and Polish companies. President Tony Tan and President Andrzej Duda of Poland will grace the event.
In Czech Republic, SBF, IE Singapore and the Confederation of Czech Industries will organise the Czech Republic-Singapore Business Forum in Prague on 24 May to provide insights into Singapore as a gateway to Southeast Asia and discuss potential economic cooperation.
1Focus Economics, 10 May 2017
2IMF Outlook, 11 May 2017