Speech by Minister S Iswaran at the Inauguration of the Enterprise Europe Network Singapore cum EU-Singapore Business Forum

SPEECH BY MR S ISWARAN, MINISTER FOR TRADE & INDUSTRY (INDUSTRY), AT THE INAUGURATION OF THE ENTERPRISE EUROPE NETWORK SINGAPORE CUM EU-SINGAPORE BUSINESS FORUM, 21 APRIL 2016, 11.15AM, AT HOTEL JEN TANGLIN SINGAPORE

Dr Michael Pulch, Ambassador of the Delegation of the European Union in Singapore, 

Mr Douglas Foo, President of the Singapore Manufacturing Federation  

Mr Satvinder Singh, Assistant Chief Executive Officer, IE Singapore

Professor Lam Khin Yong, Intellectual Property Intermediary (IPI)

Distinguished Guests,

Ladies and Gentlemen, 

Introduction

1.       I am very pleased to join all of you this morning for the Inauguration of the Enterprise Europe Network Singapore cum EU-Singapore Business Forum.  This event is a significant milestone for it marks the fruition of a joint collaboration between the government, trade association and chamber, and industry that will further strengthen the strong bilateral economic relations between the EU and Singapore.

Strong trade and investment links with the EU  

2.       The EU accounts for 10 percent of Singapore’s total trade.  In 2015, the EU was Singapore’s third largest trading partner, with bilateral trade standing at about S$91 billion.  On the investment front, the EU continues to be Singapore’s largest investor, accounting for more than 23 percent of the total stock of FDI in Singapore.  Singapore, in turn, is the EU’s largest trading partner in ASEAN and accounts for around 25 percent of EU-ASEAN trade.

Importance of innovation and internationalisation for Singapore and Singapore companies to remain competitive.

3.       Innovation and internationalisation will be key to the next phase of Singapore’s economic development.  Innovation will fuel growth and value creation by generating new ideas, products, services and business models.  By embracing innovation and enhancing their capabilities, companies can differentiate themselves in a competitive market by providing higher value-added services to their customers and good jobs for their employees.  It is also important that they continue to seek new markets and new partnerships to grow their top line and sharpen their competitiveness.   

4.       Hence, we – industry, trade associations and industry – must work together and muster our resources, to innovate, scale up and internationalise.  This is the thrust of the Industry Transformation Programme, which was announced in Budget 2016 to support our firms and industries to create value and drive growth through innovation, technology adoption and internationalisation.  This is also the focus of the Committee on the Future Economy.

The EEN platform will allow Singapore companies to tap on the international network to drive partnerships for innovation

5.       These initiatives take on added significance in a global economy that is increasingly complex, dynamic and interconnected.  These trends also give rise to greater opportunity and potential for collaboration across borders.  For instance, IE Singapore has been actively promoting links between European companies, with leading edge technologies, and their Singaporean counterparts to take advantage of the opportunities in the growing Asian markets.  Their efforts have yielded good results and lasting partnerships.  One example is Armstrong Industrial Corporation, a leading foam and rubber component manufacturer specialising in Noise, Vibration and Heat management for the automotive and electronics industries.  Their 17-year-partnership with German company, Odenwald-Chemie, has enabled Armstrong Industrial Corporation to gain a strong foothold with European automotive clients in China and Southeast Asia.

6.       We can do even more to foster greater collaboration, not just between local companies but also with global industry leaders.  And Singapore’s membership in the Enterprise Europe Network (EEN) is a significant step in that direction.  

7.       Jointly led by IE Singapore, the Singapore Manufacturing Federation (SMF) and the Intellectual Property Intermediary (IPI), the establishment of Southeast Asia’s first EEN Centre in Singapore allows our companies to tap on the vast international network of business and technology partners and access opportunities in Europe.  IE Singapore is supporting this Centre through the Local Enterprise and Association Development (LEAD) programme, over a period of five years.

8.       The Centre complements the work of IE Singapore by facilitating projects, helping to identify the business and technology needs of Singapore companies, and matching Singapore companies with relevant partners globally.  Given the scale and scope of the EEN, it will be especially beneficial to our SMEs.

9.        Through the Network, Singapore companies will enjoy exclusive access to about 10,000 partnership opportunities with European companies in sectors of interest such as infocomm technology, robotics, electronics, energy, the environment, healthcare, and personal care.  

10.       By partnering European companies and sharing technological know-how, Singapore businesses can benefit from Europe’s broad and deep innovation base and sharpen their competitive edge.  Singapore companies can also work with European firms to jointly develop proprietary solutions and become value creators in the global economy.

The EEN Singapore will further reinforce Singapore as the gateway for EU companies to the region.

11.      As the first self-funded Centre in ASEAN to join the EEN, this network will be an important platform for European companies to discover business opportunities in ASEAN.  And, it will help profile Singapore companies as potential partners for European companies seeking to expand in the region, reinforcing Singapore’s position as a gateway to South-East Asia.  

12.     Since Singapore’s admission to the EEN in June 2015, we have seen a very encouraging response from our business communities.  To date, more than 300 Singapore SMEs have registered their interest on the EEN portal, and more than 200 Business-to-Business (B2B) meetings with potential partners have been facilitated.  30 business and technology profiles have been created for Singapore companies. 

Conclusion

13.      It is heartening that even in the early days of Singapore’s membership of the EEN, the Network is showing great promise.  In fostering collaboration and innovation exchange between Singaporean and European companies, and opening access to opportunities in our respective markets and regions, the Network has the potential to further strengthen economic ties between the EU and Singapore.  I hope that you take full advantage of the prospects brought about by the Enterprise Europe Network, and I extend my congratulations to IE Singapore, the Singapore Manufacturing Federation (SMF) and the Intellectual Property Intermediary (IPI) on the inauguration of the EEN Singapore, and wish you every success in this venture.

14.      Thank you.

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