Singapore Business Federation inks MOU with Japan Management Association to boost trade and investment
9 October 2014 [Singapore] - Economic relations between Singapore and Japan were given a boost today with the signing of a Memorandum of Understanding between the Singapore Business Federation (SBF) and Japan Management Association (JMA). A business delegation led by Mr Masami Nakamura, President of JMA was here to meet Singapore businessmen at the Singapore National Productivity Month Events held at the Suntec Convention Centre.
Following the MOU, a delegation of about 15 companies from the Japanese Engineering and Machinery sectors will be visiting Singapore in February 2015 to explore business opportunities. SBF will be supporting JMA in the areas of business matching, knowledge sharing of industry trends and site visits.
SBF Chairman Mr S.S. Teo noted that “Japan’s focus on industries such as engineering, machinery and equipment sectors are complementary to Singapore’s high technology-high value manufacturing such as the chemical and pharmaceutical sectors. There is thus the potential for knowledge and technology collaboration between both sides. Singapore companies can work with their Japanese counterparts to facilitate knowledge and technology sharing, while Japanese companies in turn would gain from Singapore companies’ market knowledge in the local and ASEAN markets”.
He added that “ASEAN has a market of about 650 million people with a combined GDP of more than US$2 trillion. Japanese companies can position themselves in Singapore as a strategic starting point to seek opportunities in ASEAN. We hope to collaborate with JMA to assist its members to enhance their understanding of Singapore as a strategic hub for growing the ASEAN market and as a gateway to the global business community”.
JMA President Mr Nakamura mentioned that "JMA members comprising 1300 companies are looking out to find new opportunities in view of ASEAN Economic Community (AEC) 2015 which will take effect at the end of 2015. A new Asian orientation is necessary as part of a new globalisation movement. Singapore is an ideal platform for Japanese companies to forge partnership with Singapore based companies to launch a new round of Asianisation and globalisation. JMA is pleased to enter into a partnership relationship with SBF to promote this."