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Economic Diplomacy

The City-state of Singapore is the most advanced economy within ASEAN, and, as such, constitutes a greatly significant strategic, commercial, financial, and logistic “hub”. It is the second most crowded harbour in the world, as well as the eighth aviation transport hub.

The most important logistics companies in the world have their general or Asia-Pacific (APAC) headquarter in Singapore. These companies choose Singapore as their regional headquarter in APAC for various reasons, such as its strategic position, its human capital pool, strong financial infrastructure, great network of participants and an efficient legal, tax and normative system. Moreover, it is a main hub for innovation, greatly interested in R&D. Nonetheless, the City-state can be considered as a main gateway to access Southeast Asia, whose market is becoming increasingly interesting for both Italy and the European Union.

Italian companies, especially those with a high technological capability, 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.

According to the Ministry of Trade and Industry (MIT), Singapore’s GDP growth is expected to come in at “around 7.0 per cent” in 2021 and “3.0 to 5.0 per cent” in 2022 (press release). During the third quarter of 2021, Singapore’s GDP has already increased by 7,1% (year-on-year), trained by the manufacturing, construction, trade, wholesale, and retail sectors.

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