INTERNATIONAL TRADE
elsewhere. It is one of our largest trading partners in Asia and one of the few countries with which the UK has a trade surplus. Total bilateral trade between the UK and Singapore was valued at S$11.4bn in 2017. Machinery and transport equipment, business, financial and insurance services and chemicals are the most exported commodities exported to Singapore from the UK. Food and beverages, travel services and manufactured goods are also in the top ten. In terms of investment, the UK is
the largest EU investor into Singapore – on par with the Netherlands. It’s the fifth-largest total source of foreign direct investment (FDI) into Singapore with investments worth over £30bn and increasing. Over half of Singapore’s FDI into the EU goes to the UK, including some significant investments in infrastructure. There are huge opportunities for
UK companies in the transport and infrastructure sectors, particularly in civil engineering projects and public housing developments. The Singaporean government is also investing heavily in the rail sector and its Land Transport Authority is overseeing the doubling of the Mass Rapid Transit (MRT) network to 360km by 2030. There will be major renewal projects for older lines on the MRT, and it will tender for the design and construction of the improvements up to 2020.
The iconic Marina Bay Sands Hotel complex in Singapore
Adam Marshall
Raffles Place and Raffles Place Mall near Raffles Place MRT in the Central Business District Singapore
‘Singapore offers a huge opportunity for UK businesses to grow internationally, both in the traditional trade sense, and also in R&D and innovation’
Singapore’s Smart Nation
initiative (
www.smartnation.sg) aims to encourage relevant individuals and organisations to co- create innovative solutions related to living, transport and healthcare. It will harness technology to improve the lives of citizens, create more opportunities and build stronger communities. Opportunities for UK companies as part of this initiative include smart technologies in test- bed for car parks, lighting and waste management, mobility, ageing and cyber security. Singapore’s government has also
recognised the Creative Industries as a vital component in enhancing the economy. Its Creative Industries Development Strategy aims to develop a creative economy. It also recognises the knowledge and experience that can be gained from working with overseas companies in this sector. There is particular interest in the experience economy, including conceptual design and innovative technology to enhance local and international tourist attractions, digital media, co- production and content creation and specifically environmental design, industrial, product and fashion design, advertising and visual communications design and software design. There is a strong drive to grow
Singapore’s capabilities in biomedical sciences sector (BMS) research too. There is a focus on R&D, clinical trials, and commercialisation, supported by a high level of IP protection and industry standards. Leading international pharmaceutical companies have multiple manufacturing sites in Singapore with opportunities for supporting products and services. The aging population has
increased the need for acute care hospitals and long-term care services. Hospitals regularly test and introduce new medical technologies giving UK companies an opportunity to introduce their products into the market. Overall, Singapore offers a huge
opportunity for UK businesses to grow internationally. Singapore remains a target market for the UK Government too, with Innovate UK organising several trips to the country as part of its Global Business Innovation Programme. The next of these takes place in November and is aimed at SMEs operating in the digital economy and next generation services such as insurtech, lawtech and accountancy, with the aim of developing strong international partnerships for future collaboration and commercialisation in Singapore.
If you are interested in exploring Singapore or any other international market as your next steps for business growth, or you are interested in Innovate UK’s Global Business Innovation Programme, you can speak to a business adviser from Enterprise Europe Network by calling 0333 320 0333, emailing
eeninfo@emc-dnl.co.uk or tweeting @EEN_Midlands.
BCC applauds Government’s rethink on EORI
Commenting on the announcement that the Government will act on the BCC’s call to automatically issue businesses with an EORI number, Dr Adam Marshall, Director General, of the British Chambers of Commerce said: “This step is long overdue, yet welcome nonetheless. We have campaigned for many months for government to issue EORI numbers to businesses, rather than simply wait for them to apply. “This common sense step
will prompt more traders to prepare for change, and consider what else they need to do to be ready for an unwanted ‘no deal’ scenario. “Businesses do not want a
messy and disorderly ‘no deal’ Brexit on 31 October, but given the ticking clock, it’s prudent that both Government and industry be as prepared as possible. The proportion of firms applying for EORI numbers was concerningly low, and automatic issuance will help ease the administrative burden facing companies in the weeks and months ahead. “Sorting EORI numbers is
only a first step. For many firms, it will trigger more questions. Businesses still need clarity on many other cross-border trade issues, such as customs procedures at borders following a no deal exit and when the Government will launch an official database to provide ease of access to information on tariffs and quotas. The government must urgently provide answers to these questions, and ramp up both guidance and support for businesses.”
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