Largest-ever Czech Business Delegation visits Singapore to Tap on EUSFTA Opportunities
- Largest Czech Republic delegation led by His Excellency, Andrej Babiš, Prime Minister of Czech Republic visits Singapore to tap on new opportunities arising from the recently signed EUSFTA
- Benefits of the recently signed EUSFTA sees a growing European interest to venture into Singapore in search of new business opportunities
- Singapore – Czech Republic Business Forum is expected to host an estimated 120 Singapore and Czech Republic business leaders for a business-to-business session
15 January 2019 [Singapore] - Business ties between Singapore and the Czech Republic is set to receive a boost as the largest-ever Czech business delegation arrives in Singapore.
This visit is held in conjunction with the official visit of His Excellency Andrej Babiš, Prime Minister of the Czech Republic from 14 to 15 January 2019. This official state visit to Singapore follows on former President of Singapore Dr. Tony Tan’s official state visit to the Czech Republic in 2017, and comes in the wake of the recent EU-Singapore Free Trade Agreement (EUSFTA) signed in October last year.
Visiting together with Prime Minister Andrej Babiš will be Minister of Industry and Trade of the Czech Republic, Her Excellency Marta Nováková, and a business delegation of 40 top business leaders.
As part of the two-day programme, the Singapore Business Federation and the Confederation of Industry of the Czech Republic will be organizing the Singapore – Czech Republic Business Forum 2019, which will be held on 15 January at the Ritz-Carlton, Millenia Singapore.
Prime Minister Andrej Babiš and Singapore’s Senior Minister of State for Trade and Industry and Education, Mr Chee Hong Tat will address the two business communities at the forum which aims at facilitating deeper business exchanges between companies from high technology manufacturing, automated industrial systems, defence manufacturing, medical technology and construction materials manufacturing.
An estimated 120 business leaders from Singapore and the Czech Republic will be participating in a business-to-business meeting session at the forum. Strong interest in this segment underscores the impact of the recently-signed EUSFTA.
Mr. Ho Meng Kit, CEO SBF, said: “The Czech Republic delegation led by His Excellency Andrej Babiš is the first European delegation to visit Singapore after the signing of the EUSFTA in October last year, and heralds new opportunities for businesses in both countries.
“Singapore companies can leverage on the benefits in the EUSFTA to tap the growing digital expertise of Czech companies through ventures in the areas of high technology manufacturing, defence and industrial systems, and collaborating on Government procurement projects.”
Czech Republic will continue to develop as an attractive market for Singapore businesses as their GDP and GDP per capita are both expected to increase in 2019 to USD 265 Billion and USD 24,938 respectively.
The total trade between Singapore and Czech Republic in 2017 increased by 25% from 2016 to S$1.1 Billion in 2017 and is forecast to continue growing in 2019 and 2020. This is largely contributed by the increase in exports to Czech Republic in machinery and appliances, and electronic machinery as well as the expected emphasis on digital technology upgrading across many Czech Republic companies as they aim to break into the top 20 most competitive country ranking.