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Economic Cooperation

 

Economic Cooperation

The trade and the Italian presence in Singapore are constantly growing. The City-State continues to be a strategic, commercial, financial and logistical hub of utmost importance. Italian companies, especially those with high technological content, can find here partners interested in developing the product or re-exporting it to the rest of the region, as well as concrete support from government agencies dedicated to support investments in this field.

Our exports include, traditionally, industrial machinery, means of transport, electrical, chemical, metalworking and food products. The main imported products: fuels, machinery and transport equipment, manufactured products, chemicals. The most promising new sectors include pharmaceuticals and technologies applied to the medical field, information technologies, aerospace sector, renewable energies, maritime and precision engineering together with that of furniture, decor and design, or related to the so-called Italian lifestyle.

In July 2013, Deputy Minister for Foreign Affairs Archi inserted Singapore in his first Asian tour since the beginning of his appointment. A Memorandum of Understanding (MoU) on SME cooperation was signed during the visit. Below is the detailed report:

http://www.esteri.it/mae/it/sala_stampa/archivionotizie/comunicati/2013/07/20130719_archi_indonesia.html

In December 2013, Deputy Minister of Economic Development Calenda led an entrepreneurial mission of about 40 companies dedicated to the sectors of Infrastructure, Construction, Energy and Alternative Energies, Plant Engineering, Petrochemicals and Automotive. The mission was an opportunity to increase the potential for commercial and industrial cooperation in the two markets and to identify the many opportunities that derive from their membership in ASEAN.

The State Visit of President Tony Tan to Italy, from 22nd to 25th May 2016, was also an opportunity to give further impetus to economic relations: President Tan was accompanied by the Minister of Trade and Industry Iswaran and by an entrepreneurial delegation that participated in numerous events in several Italian cities, with the aim of promoting trade relations in particular with Italian SMEs (http://www.italy24.ilsole24ore.com/art/business-and-economy/2016-06-01/intervista-ministro-industria-singapore 134546.php?uuid=ADT7v1).

On 21st November 2016, the Undersecretary of State Della Vedova made an institutional visit to Singapore for the inauguration of the first edition of the Italian Innovation Days. The two-day event was organized, under the coordination of the Ministry of Foreign Affairs and International Cooperation and the Embassy, by the Unioncamere Lazio, the Italian Chamber of Commerce in Singapore and the Italian Trade Promotion Agency. It was attended by about 30 technologically innovative companies on trade mission from Italy , selected among start-ups and SMEs specialized in the sectors of advanced technology. The program was articulated in a business forum and in a fruitful B2B afternoon sessions with over 60 Singaporean counterparts.

 


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