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Economic Cooperation


Economic Cooperation

The bilateral trade and the Italian presence in Singapore are constantly growing as Singapore is the first Italian export destination in the region.

The Trade in 2018 amounted to 2.5 billion euros, of which 2.2 billion in exports. Our exports include, traditionally, machinery for industrial processing, transportation, electrical products, chemicals, processed metals and food products. The main imported products were: fuels, machinery and equipment for transport, manufactured products, chemical products.

The City-State constitutes an absolute strategic, commercial, financial and logistic 'hub'. Italian companies, especially those with a high technological content, can find partners interested in developing products or re-export to the rest of the region, as well as concrete support from government agencies dedicated to supporting investments in this field.
The most promising new sectors include pharmaceuticals and technologies applied to medicine, information technologies, aerospace sector, renewable energies, maritime and precision engineering along with those of furniture and design or related to all various items that describe the so-called Italian life style.

Economic Missions

President Tony Tan's State visit to Italy, from 22nd to 25th May 2016, was an opportunity to boost economic relations: President Tan was in fact accompanied by the Minister of Industry and Commerce Iswaran and a large entrepreneurial delegation, which has participated in numerous events in various Italian cities, with the aim of facilitating commercial relations in particular with Italian SMEs.

More recently, on 7 and 8 February 2018, the mission of the then Minister of Foreign Affairs and International Cooperation Angelino Alfano was held in Singapore. During his visit to Singapore the Minister met his counterpart Balakrishnan, the Minister of Trade and Industry, Lim Hng Kiang, and the heads of the Sovereign Funds Temasek and GIC and the Singapore Economic Development Board. Minister Alfano, during the talks, reiterated Italy's attention to encouraging investment opportunities for foreign funds, also as a means of strengthening bilateral relations.

From May 14th to 16th 2019 the 12th edition of IMDEX “Asia Pacific's Premier International Maritime Defense Show took place, which is the most important event on global security calendar in the maritime sector of South East Asia. Important Italian companies (Leonardo, Fincantieri, Elettronica, DRASS, GEM and Ferretti D&S) supported by AIAD, were present at the event, which was attended by around 230 exhibitors from all over the world. A large Italian delegation led by Team Admiral Valter Girardelli, Chief of Staff of the Navy, and by Admiral Chief Inspector, Matteo Bisceglia, Director of Naval Armaments of the Navy took part in the event. Admiral Girardelli had the opportunity to hold numerous bilateral meetings with the counterparts of the other participating countries and, in particular, with the Chief of Singapore Navy.

On 25 and 26 March 2019 the mission of the Minister of Economy and Finance Giovanni Tria was held. The Minister, in addition to having a meeting with his Singaporean counterpart, he met with the leading representatives of MAS (Monetary Authority of Singapore) and the heads of Temasec and GIC sovereign funds. During the talks, the Minister presented the numerous investment opportunities in Italy, encouraging his interlocutors to also plan a visit to Italy to study the various opportunities in more depth.

On May 9, 2019, the Minister of Foreign Affairs and International Cooperation, Enzo Moavero Milanesi, went on a mission to Singapore, a visit preceded by a stop in Vietnam. Minister Moavero held meetings at the highest level: with Prime Minister Lee Hsien Loong, Foreign Minister Vivian Balakrishnan, and Ambassador Chio Kiat Ow. He took the opportunity to reiterate the excellent bilateral relations existing between the two countries and again illustrated the Italian potential in the field of investments.

The Economic and Commercial Office of the Embassy in Singapore coordinates economic promotion activities in the Republic of Singapore and assists Italian businesses operating there.

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