The United States and Singapore will hold annual strategic talks and embark on joint developmental projects in the Lower Mekong region as part of efforts to raise bilateral ties to the next level.
Crumbling global demand restrained factory output in Asia and most of Europe last month, putting pressure on policymakers to shore up growth and counter a spreading malaise, data released yesterday showed.
South Africa is the “new” market for investors. The 28th largest economy in the world and largest in Africa, its modern business infrastructure serves as the financial and business hub for the continent.
Lianyungang, one of the northern coastal cities highlighted under the “Jiangsu Coastal Development Strategy”, is set to be a new growth point for East China.
On a year-on-year (y-o-y) basis, non-oil domestic exports (NODX) rose by 1.6 per cent in November 2011, in contrast to the 16 per cent decrease in the previous month, due to both electronic and non-electronic NODX
Foreign companies that are looking to China to shore up wilting global sales have been hit by higher payroll taxes, surcharges to subsidise unions and other changes that are making conditions tougher just as economic growth slows.
Singapore is the world’s fourth fastest growing nation brand but remains less valuable than Hong Kong, according to Brand Finance’s 2011 report analysing the impact a country’s reputation has on foreign consumers and investors.
The financial crisis has made plain how much Europeans have to change before they see themselves as engaged in a shared political enterprise. Too much stress is placed on an insecure constitutional foundation.
The Singapore Business Federation (SBF) yesterday announced the establishment of the SME Committee (SMEC) under its auspices. Its adviser will be Minister of State for Trade and Industry Teo Ser Luck. The Government has set aside about $500,000 for the SMEC through a funding programme run by Spring and International Enterprise Singapore.
Whatever business you are in, there bound to be a trade show to suit it. More than 75 percent of 306 companies surveyed by IE Singapore said trade shows are an effective platform to generate publicity.
International organisations such as the World Bank and the Asian Development Bank (ADB) often make the news for their involvement in helping companies through economic dire straits.
As countries around the world liberalise their markets, competition will keep heating up for Singapore firms seeking to expand their footprint globally.
Ministers, senior officials and members of the business community will meet in Singapore later this month to discuss on how Malaysia and Singapore enhance bilateral economic relations between both countries. The Malaysia-Singapore Business Forum, organised by the Malaysian Investment Development Authority (MIDA), Ministry of International Trade & Industry (MITI) and Malaysia External Trade Development Corporation (MATRADE), together with International Enterprise (IE) Singapore and the Singapore Business Federation (SBF) will be held on 24 November 2011.
The constraints of a limited domestic market have long forced Singapore companies to look overseas to expand their businesses but the strategy is not as easy as it was.
Singapore still stands to benefit from being a party to the upcoming Trans-Pacific Partnership (TPP) trade deal, even though the Republic already has high-quality free trade agreements with most of the other member parties. The TPP is an Asia-Pacific regional trade agreement being pursued by nine countries, including the United States, Chile, Malaysia, Singapore and Vietnam. The grouping this week set next July as the target for completing the deal.
The Indonesian Trade Security Committee (KPPI) initiated safeguards investigations into a surge of imports of products of HS code 73262090 with the following description: Goods in the form of boxes or cylinders or sheets made from steel or iron wires/filaments, with diameters of 2-5mm, which have hexagonal rings the size of 50-120mm, with single or double coils which are plated or coated with zinc or plastic/PVC (Indonesian HS code 7326.20.90.00)
Mr G Jayakrishnan, International Enterprise Singapore's Americas Group Director, who is based in New York share insights on doing business in the United States.
India's mass urbanisation will require US$1.2 trillion in infrastructure investment by 2030, and 20 times the road capacity and metro lines added in the past decade. The Indian government recently announced the setting aside of $60 billion for infrastructure development, specifically through public-private partnership investments in areas such as airports, seaports, roads and highways to logistics parks. As these projects typically have long gestation periods, companies need to take into account the challenges of physical connectivity when doing business in India today. For Singapore companies, this is an opportunity to turn a challenge into opportunity, says Mr Ryan Ang, divisional director for South Asia at IE Singapore.
What are the pressing issues SME face in these challenging times? Find out how SMEs can move forward in volatile times in the upcoming conference- Weathering the Storm!
Emerging Asian nations seem to be the only bright spot amid the economic turbulence and will provide plenty of growth opportunities, said Trade and Industry Minister Lim Hng Kiang.
Kenneth Sim, International Enterprise Singapore's centre director based in Qatar, talks about seizing opportunities early, ahead of the World Cup in 2022. He said Singapore companies entering the region for the first time may find it challenging to compete against established rivals.
The eighth edition of International Enterprise (IE) Singapore's Latin Asia Business Forum drew a strong crowd of over 380 delegates from more than 20 countries. The forum attributed the surge in interest in Latin America to the region's strong economic growth, which has led to growing middle-class as well as increasing urbanisation and industrialisation.
Mr Albert Tan, International Enterprise Singapore's centre director based in Abu Dhabi speaks about doing business in the region. Abu Dhabi owns the majority of the UAE's oil and gas resources. The local government has focused on growing the country's economy and keeping it relevant.
Russia is too huge a market for Singapore firms to ignore, with its big-spending consumers and massive infrastructure upgrading needs, says Rajinder Sethi, International Enterprise Singapore's honorary business representative in Moscow. And while major cities may seem like easier starting points, Mr Sethi says Singapore companies would do well to head first to Russia's less urban regions, instead of competitive, expensive cities like Moscow.
[Singapore] Chinese entrepreneurs cannot rely solely on connections and relationships - or what is more commonly known as guanxi - to be successful in the new global economic environment, said Prime Minister Lee Hsien Loong yesterday.
When it comes to Rio de Janeiro, football, beaches and samba spring to mind - but Brazil's capital of fun and parties also counts Singapore as one of its top 10 trade partners in the world.
With the escalating economic gloom in Europe and the US, emerging economics need to trade with - and invest in - each other more, said a visiting Chilean official.
Singapore and Latin America announced plans to step up economic ties, even as bilateral trade rose 38 per cent in the first eight months of this year. Trade promotion agency International Enterprise (IE) Singapore signed a memorandum of understanding with the Development Bank of Latin America (CAF) at the Latin Asia Business Forum yesterday. Trade and Industry Minister Lim Hng Kiang, who delivered the opening address at the forum, said that the agreement will establish greater collaboration and exchange between Singapore and CAF's member countries in areas such as infrastructure development, urban planning, energy, trade facilitation, electronic government services and financing.
Singapore's bilateral trade with Latin America for the first eight months this year rose by 38 per cent over the same period last year to US$25.9 billion. IE Singapore is planning to expand its offices in Brazil and Mexico next year on the back of growing interest.
International Enterprise Singapore's Europe Group Director, Ho Chee Hin, speaks to Straits Times on why companies should consider strategic partnerships in Europe and the bright spots that remain in the region.
Singapore's presence at the ongoing Paris Fashion Week - regarded as the most prestigious fashion week on the international fashion week on the international fashion calendar - has more than tripled this year.
Gold prices plunged by as much as 20 per cent last month, but that has not stopped local investors big and small from buying the precious metal and securing it for what could be rainy days ahead.
Dalian was a model of China's rapid development in the 1990s. Now, it has become a sad example of how that growth has gone out of control. China Correspondent Ho Ai Li documents the port city's unsustainable boom.
A signing ceremony after the 6th Singapore-Liaoning Economic and Trade Council meeting yesterday saw seven new project agreements signed. The council meeting also closed with a commitment to strengthen bilateral collaboration in key sectors, including environmental services and tourism.
Anchit Sood, International Enterprise Singapore's centre director based in Brazil, talks about doing business there. He says that Singapore companies need to take a long-term view of Brazil. Singapore, through the country's shipyards and other oil and gas and marine off-shore capabilities, is relatively well-known in Brazil's oil and gas community.
International Enterprise Singapore's regional director Lee Yee Fung, based in Jakarta, talks about how Singapore-based companies can take their businesses pan-Indonesia.
International Enterprise Singapore's group director for South-east Asia Tan Soon Kim highlights prospects and strategies for Singapore-based companies venturing into the region.
In the first of a five-part series analysing China's business environment and trends, China group director of IE Singapore Ignatius Lim talks about the changing business landscape there.
In the second of a five part series about China's business trends and environment, China group director of International Enterprise Singapore Law Chung Ming talks about the industrial upgrading efforts there. The Sino-Singapore Guangzhou Knowledge City is a strong demonstration of the close collaboration between Singapore and Guangdong in the economic transformation journey.
ST advertorial series: IE Singapore's Centre Director Hanly Chen speaks about opportunities and challenges of doing business in Russia. Consumerism, such as food, will be a key area to tap into. More Singapore food products will be introduced to the region with the world Food Moscow exhibition next month. This will be a great opportunity for Singapore food players, which are interested in exploring Russia, to find out more and talk to potential distributors, retailers and restaurateurs. Finding the right partner and getting first-mover advantage are critical factors for success in the market.
International Enterprise Singapore's regional director for North China based in Beijing, Ms Michelle Chow talks about sustainable development in the country
ST advertorial series: Jocelyn Cai, Centre Director based in Latin America talks about opportunities in Colombia. Companies looking to expand into Colombia can work closely with IE Singapore to navigate the market and seek like-minded English-speaking local partners who can help you gain access into the market.
International Enterprise Singapore's regional director for west China based in Chengdu, Ms Chiong Woan Shin, talks about th opportunities for transport and logistics, and urban infrastructure in that region.
Companies are increasingly looking towards Cambodia and Laos as alternative production bases as the rising costs of hiring labour in their home countries deter their continued presence.
According to a report by Frost and Sulivan, revenues from the UAE logistics market is expected to reach US$9.4 billion (*S$11.54 billion) in 2014, compared to US$7.03 billion in 2010.
A ministerial panel has recommended the introduction of foreign direct investment in the retail sector in order to ease the pressure on the supply chain and to tame inflation in India.
The food industry in China is various and complex and it is necessary for companies to understand the various distribution channels and consumer consumption habits before making any move in the market.
Chongqing city, home to more than 32 million people, has benefitted from China’s “Go-West” policy that aims to steer investment to the country’s less-developed inland region so as to reduce disparities in wealth between inland and coastal regions.
After a challenging 2009, growth returned to the global airline industry. However, the industry’s recovery was uneven with carriers in emerging markets reporting robust growth while American and European carriers struggled.
China’s emergence as an economic superpower in recent years has been nothing short of remarkable. However, should Economist Nouriel Roubini be accurate, its status as a fast emerging economy could soon be in jeopardy.
Executive Vice Chairman of Ufinity, Tan Kwan Yew shares the company’s experience in China and gives some practical advice for business owners who are interested in the China market.
Local investors should consider investing in central China, one of the country's most promising areas according to IE Singapore. The trade agency said its potential is due in part to government calls to grow the domestic consumer market and the region's central location. The divisional director of IE Singapore's China planning and development unit, Mr Foong Kah Keong said yesterday, "Existing market trends coupled with central China's strengths form a strong foundation for the region to become the next high growth area in China".
China’s rapid growth has created the demand for well-trained managers and international schools, especially from the US and Europe, are expanding collaborations with their Chinese counterparts, or setting up school on their own in China.
While self-made male entrepreneurs drove the initial growth of China’s luxury market, their female counterparts are taking over, and luxury goods manufacturers are taking note of this trend.
Drinking has long been a part of China’s culture and the Chinese prefer downing glasses of domestic products. These days however, an increase in purchasing power and demand for foreign products offer a huge potential for alcoholic beverage exporters.
Amidst the backdrop of deepening relations between India and the African continent, China has shown a keen interest to participate in Perth-based Sundance’s iron ore project in Africa.
Australia’s carbon-tax policy is discouraging investment in the country’s power industry and this might create power shortages in five years time, TRUenergy Holdings said yesterday.
The Commonwealth Bank business sales indicator (BSI), a key measure of consumer spending, has been on the downward slide for the 17th consecutive month.
Vietnam’s rapid growth in consumer strength is attracting foreign investments in retail and fast moving consumer goods (FMCG). O&L Consultancy's Ong Lay Bin shares with us her insights into the country's sector.
Malaysia’s state-owned energy corporation Petronas announced its intention to build an integrated refinery and petrochemicals complex in Southern Johor.
A new regulation that removes state seaport operator Pelabuhan Indonesia’s monopoly rights to manage the country’s ports went into effect last week, opening the sector up to private port operators.
Malaysia and the Philippines raised interest rates last week, joining the ranks of Asian nations tightening their monetary policies to fight inflation.
China’s robust economic growth and emergence as an industrial power house brought about considerable environmental toll. As one of the heaviest polluters in the world, the country is quickly emerging as a leader in the development of green technologies.
China saw an unexpectedly large trade surplus of US$11.4 billion (*S$14.02 billion) in April on slowing imports and rising exports. Exports expanded by 29.9 per cent while imports slowed to 21.8 per cent from 2010.
Malaysia and India made good progress in the fifth Joint Commission Meeting (JCM) held last week, coming to an agreement to expedite negotiations on several key trade and legal matters between the two countries.
Hong Kong’s well-developed infrastructure and an open online landscape have cemented its status as a world-renowned international trade and financial hub. Boston Consulting Group (BCG), on behalf of Google, published a study on the impact and contribution of the internet to the territory’s economy and society.
For a country that is known as the world’s top producer of crude oil, the sight of Russian car owners queuing up at empty gasoline stations across the country proved to be a major embarrassment for the country.
Indonesia and the European Union (EU) signed a landmark agreement today to purge illegal timber from the European market, with the broad aim of reining in illegal logging.
Vietnam’s growth in income per capita and urbanisation is predicted to drive demand for infrastructure across a range of sectors, including electricity, air travel, roads, telecoms and internet use.
Vietnam’s economic development has been characterised by rapid growth, rising living standards, a growing population and a gradual integration into the world trade flows. Thierry Apoteker details how these translate into market potential and risks.
Mention India and two vastly different impressions usually come to mind – a picture of chaos and disorder that is filled with the cacophony of traffic sounds, or an exotic landscape made up of images that have been illustrated in popular fiction such as E. M. Forster’s Passage to India.
The armies of Thailand and Cambodia resumed hostilities early today, hours after the two sides agreed to end their bloody border clashes that have left 16 dead till date and dozens wounded.
China’s economy is projected to expand 9.6 per cent in Q2 2011 after growing 9.7 per cent in Q1 despite steady monetary tightening, according to China’s State Information Centre, a government think tank.
India is the second fastest growing economy in Asia and is expected to report double digit growth in the next few years. However inflationary pressures and a burgeoning current account deficit are stifling its growth prospects.
Located close to the historic centre of the city is Utrecht Science Park, a collective of institutions that are dedicated to research and cluster development.
While the fast emerging India market is internationally recognised for its services and electronic sectors, experts say that boosting its manufacturing sector could help the country manage its growing trade deficit.
The Vietnamese government is increasingly turning to the public-private partnership (PPP) model to fund the development of their energy, transport, water and seaport facilities.
As Vietnam’s major cities continue to grow, financially and physically, the country is in need of urban renewal. Projects improving transportation by train, road, and air are already in the works and more are on the agenda.
The offer by the Singapore Exchange (SGX) to merge with Australia’s bourse has been given its death knell, with the Australian government announcing its final decision that the deal is rejected based on it “not [being] in the national interest.”
As the emerging economies of Asia continue to propel the global economic recovery, the surging inflation of the region is dangerously rocking the stability of these economies and threatening to curb global recovery.
State-run utility Vietnam Electricity Group (EVN) is the latest to follow government instruction to cut state investment as a means to control inflation, suspending around 30 projects.
Vietnam’s recent experimentation with an electronic payment option for businesses to pay their taxes to the government has proven to be a resounding success.
The Vietnam government reported a drop in the year-on-year economic expansion of the first quarter of this year, but reiterated that its focus lies in taming inflation and achieving stability, even at the expense of economic growth.
The World Bank approved on Tuesday a loan of US$570 million (S$717.9 million) to Vietnam to support its development projects in the areas of energy, transport, healthcare and urban environment.
As Japan embarks on one of the costliest rebuilding efforts resulting from a natural disaster, the ongoing reconstruction process is expected to boost demand of plywood and various building materials from Malaysia.
More US companies in China reported that they were profitable in 2010 but remained concerned about the country’s business climate, according to a survey conducted by the American Chamber of Commerce in China.
The merger bid by the Singapore Exchange (SGX) to fuse with its Australian counterpart has entered a new phase of uncertainty, as reports of new vehement opposition circulate and a top government official dismissed the reports as pure speculation yesterday.
The Christchurch quake will reduce expansion for this year to just 1 per cent economic growth, but earthquake rebuilding should boost growth to 4 per cent in 2012, the International Monetary Fund (IMF) said.
Emerging-market currencies shot upwards as the Group of Seven Nations (G7) stepped in over the weekend to curb the soaring yen and speculators switched to Asian currency amidst expectations of stabilising markets and rising asset worth.
The Organisation for Economic Cooperation and Development (OECD) cut its growth forecast for the United Kingdom for 2011, saying that the central bank should hold off raising interest rates until the second half of the year.
In a bid to raise Vietnam’s seaport capabilities, Prime Minister Nguyen Tan Dung approved a master plan which calls for as much as VND$440 trillion (*S$26.6 billion) to be pumped into building ports capable of accommodating the world’s largest container ships.
The chief justices of Malaysia and Singapore marked a judicial milestone last Saturday, when they met up in a first-ever joint conference to move ahead on improving court processes between the Southeast Asian neighbours.
The European Union (EU) plans to create a single company tax for the entire bloc to save companies the cost of having to comply with different rules in each country.
China’s economic outlook rebounded in January, driven largely by an expansion in construction activity, easing concerns that the government’s attempt to curb inflation and prevent asset bubbles from forming may cause a slowdown in the economy.
A report released by the US Commerce Department on Wednesday painted a bleak picture of the US housing market, with February data revealing the greatest drop in housing starts in 27 years.
In a high level visit to Singapore, Benigno S. Aquino III, President of the Republic of the Philippines and Guillermo D. Luchango, the Philippines Co-Chairman of the Philippines-Singapore Business Council (PSBC), spoke of the commitment of the Philippines to create an honest and corruption free administration in a bid to create a pro-business environment.
Cotton output in India, the second largest cotton producer in the world, is set to rise to record levels as high cotton prices will help incentivise farmers to increase planting.
The Dutch government's focus on attracting investments from Asia is paying off, according to the Netherlands Foreign Investment Agency's (NFIA) annual results for 2010, which was presented by the Dutch Minister for Foreign Trade, Henk Bleker.
Economic Planning Secretary Cayetano Paderanga voiced Philippines’ intention to raise as much as PHP$200 billion (*S$5.8 billion) from state-run financial institutions to help fund roads, railways and ports, reported Bloomberg yesterday.
Thanawat Ponwichai, Director of the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce, warned that Thailand is likely to face a short term setback in tourism, as the massive earthquake and deadly tsunami hit Japan and the prospect of soaring oil prices marks the end of a tourism boom.
India has overtaken China as the world’s largest weapons importer, accounting for nine per cent of all international arms imports from 2006 to 2010, according to Swedish think tank, Stockholm International Peace Research Institute.
A decade ago, flying was too expensive even for wealthier Asians to consider air travel. Now, people who have never flown have access to air travel due to the proliferation of low-cost carriers in the region.
Indonesia’s footwear exports looks to exceed US$3.2 billion (*S$4 billion) in 2011, up 52 per cent from US$2.13 billion in 2010, according to the Indonesian Footwear Association.
Surging imports and rising oil prices have contributed to the US trade gap widening by 15 per cent to US$46.3 billion (*S$58.9 billion) from US$40.3 billion in December, said the Commerce Department on Thursday.
Since the Kuala Lumpur-Singapore High Speed Rail (HSR) project was proposed by YTL Corporation – one of Malaysia’s leading integrated infrastructure conglomerates – back in 2006, talks of the much anticipated project have yet to bear fruit.
Ongoing unrest in the Middle East and Africa region and a smaller output will continue to sustain high food prices, said the United Nations’ Food and Agriculture Organisation (FAO).
China reported a surprise trade deficit in February after weaker than expected export growth, easing international pressure to strengthen its currency.
Thailand rebounded from the country’s economic contraction in 2009 to report outstanding figures in key economic sectors and a full year economic growth of nearly 8 per cent.
The International Air Transport Association (IATA) has reduced the profit forecast for airlines in 2011 to US$8.6 billion (*S$10.91 billion) from an initial forecast of US$9.1 billion due to soaring fuel prices.
Germany has outperformed its euro zone peers in economic recovery, with the German manufacturing sector growing at its fastest pace in February since 1996, adding to concerns that Europe’s largest economy was overheating.
The Brazilian government will cut its 2011 budget by BRL50.1 billion (*S$38.3 billion) by reducing spending on defence, education, housing, payroll and subsidies in order to slow economic growth and curb inflationary pressures.
Thailand’s economy emerged from a brief recession and returned to growth in the fourth quarter of 2010, helped by growth in exports and private consumption.
The political unrest spreading across the Middle East continues to stoke fears over oil supply. Oil prices have been on the rise amid news that producers have decided to halt operations in Libya.
Brazil’s President Dilma Rousseff said that the country’s economy could witness a slowdown in 2011 after a robust expansion in 2010. She added that 2012 will be a year of stronger economic recovery for Brazil.
Supported by rising food prices and a government drive to develop Indonesia’s commodity processing sector, more firms will be attracted to invest in palm oil products in Indonesia.
Economies have emerged from the global economic crisis with varying levels of growth. Emerging markets like China, Brazil and India are growing at a faster rate that Europe, the US and Japan.
Bangladesh’s economy has proved to be resilient in spite of the frequency of natural calamities and the slowdown of external demand. The country has seen an average growth rate of five per cent a year since 1990.
China’s trade surplus narrowed in January due to surging volumes of imports, reflecting healthy domestic demand as well as higher prices for imported commodities.
Inflation across Asia is showing signs of spilling into broader price pressures and policy makers will have to respond accordingly by allowing their currencies to appreciate, according to a top official at the International Monetary Fund (IMF).
China raised interest rates for the third time in four months due to mounting inflationary pressures. According to economists, this is evident that the global economic imbalances are slowly being ironed out.
Suntory Holdings Ltd. is looking to extend its market presence in Southeast Asia and plans to spend up at JPY200 billion (*S$3.09 billion) on corporate mergers and acquisitions in the region.
India’s domestic car sales hit a new monthly high in January as rising personal income and easier access to loans pushed up demand in Asia’s third largest automobile market.
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For companies that are keen to tap on emerging Asia’s growth, Indonesia ranks as one of the region’s most attractive markets due to its sizable population and growing household income.
While China’s manufacturing output slowed in January due to monetary tightening, input prices rose quickly, adding further pressure on the Chinese government to curb inflation.
The last thirty years have witnessed a new economic giant in the making. From a country that had minimal economic influence on the world, China has transformed from a centrally planned economy to a market economy, and has now emerged as a global economic superpower.
China announced details of a long-awaited property tax in two of its largest cities, but analysts remain sceptical of its effectiveness in cooling property prices, saying that it would have a limited impact on investment.
According to the International Labour Organisation (ILO), a slow and uneven rise in job creation is creating a deflationary drag on the overall economic recovery, and unemployment is likely to continue its rise to near record levels for the third consecutive year in 2011.
China will extend its limits on property purchases to second and third tier cities, in a bid to ramp up efforts to cool its overheating real estate market.
As the developed world struggled to climb out of the financial recession, the developing economies reported tremendous growth rates and were the engines of global growth.
According to a UN study, developing countries and countries in transition attracted more foreign direct investment (FDI) than developed countries in 2010 for the first time, giving further evidence to the differing growth rates between developing and developed nations.
China has launched yuan trading in the US for the first time, allowing the Chinese currency to become an international currency that can be used for trade and investment globally.
Australia’s devastating floods turned most of Queensland into a disaster zone, and could cut the nation’s gross domestic product by more than AUD10 billion (*S$12.79 billion).
Malaysian Prime Minister Najib Razak announced oil and gas projects worth MYR20 billion (*S$8.4 billion) and Malaysia’s intention to transform the deepwater petroleum terminal in Pengerang, Johor, along the lines of Singapore’s Jurong Island petrochemical complex.
The Detroit auto show, opened on Monday on an upbeat tone, signaled the rebound of the US auto industry, especially for auto manufacturers Ford, General Motors Co. and Chrysler Group LLC, from the depths of bankruptcy and despair.
To encourage more Singapore-based companies to participate in the Tianjin Eco-city, International Enterprise (IE) Singapore is offering a new “Tianjin Eco-city Assistance Programme” (“TAP Programme”) for Singapore companies. This was announced by Senior Minister of State (SMS) for National Development and Education Grace Fu at the Sino-Singapore Tianjin Eco-city Investment Promotion Seminar organised by IE Singapore today.
Back in 2008, the euro was seen as a safe haven currency, stable against the volatility of national currencies, and outsiders were eager to join the currency bloc as it marked their transition from a command to a market economy.
Beijing will raise its minimum wage by 21 per cent next year, the second rise in barely six months, against the backdrop of rising inflationary pressures and concerns over the widening wealth gap.
At the opening of the new Fiat factory located in the state of Pernambuco, Brazil’s President Luiz Inacio Lula da Silva said that Brazil would be the fifth largest economy before the Olympic Games that will be held in Rio de Janeiro in 2016.
Australia’s economic boom is spurring a steady stream of US citizen looking for employment. This signals a shift in employment flows as historically, Australia sent many of its educated to the US and Europe.
This is a circular from the Singapore Ministry of Trade and Industry (MTI) to update on the Indonesian anti-dumping investigation against imports of hot-rolled steel plates
Britain’s economy expanded less than expected over the first three quarters, prompting the Office for National Statistics (ONS) to revise its previous estimate for annual growth in the final quarter from 2.8 per cent to 2.7 per cent.
The China-ASEAN Free Trade Area (FTA) came into effect on 1 January 2010, forming an economic bloc of 1.9 million people and boosting trade and investment flows between the second largest economy and the 10-member ASEAN nations.
Russian Prime Minister Vladimir Putin gave an upbeat assessment of his nation’s economy, saying that he expects the economy to return to its pre-crisis levels in the first half of 2012.
The Asian Development Bank (ADB) suggests that governments of emerging East Asian nations should cooperate more on exchange rates and other policies to achieve balanced and sustainable growth.
What can we expect for 2011? What are the markets that present good opportunities for investments and business? Find out at the IE Partnership Seminar 2011.
Poland’s economy expanded at its fastest rate in two years in the third quarter, owing to a stronger than expected recovery in neighbouring Germany and healthy domestic demand that helped to lift investments.
A population boom is usually seen as a positive sign as it serves as an engine of economic growth. However for India, a rapidly growing population threatens to turn its demography into a crippling burden, according to experts.
Hong Kong’s largest container shipping line, Orient Overseas International Ltd., may add additional routes and services on Asian and Middle Eastern routes as rising wages boost consumer spending in the region.
Companies from Singapore and the German state of Baden-Wurttemberg will have many more avenues for collaboration, according to officials from both sides.
Indonesia has the largest consumer market in Southeast Asia, worth US$316.7 billion (*S$415.9 billion) in 2009. Domestic consumption is the main driver of Indonesia’s economy; as a result, it was insulated from the weak global demand.
For the third year running, the IE Partnership Seminar aims to bring together Singapore-based companies to network and to share the market opportunities available around the globe. Aptly themed “What’s Next for the Global Economy?”, expect to hear from IE Singapore’s Overseas Regional and Centre Directors on the latest insights, current market situations and opportunities present in their respective markets.
Luxury goods in Europe, which include high-end apparel, handbags, watches and cosmetics, have seen their sales boosted by spending from Chinese tourists.
For the third year running, the IE Partnership Seminar aims to bring together Singapore-based companies to network and to share the market opportunities available around the globe. Aptly themed “What’s Next for the Global Economy?”, expect to hear from IE Singapore’s Overseas Regional and Centre Directors on the latest insights, current market situations and opportunities present in their respective markets.
Europe’s confidence in the economic outlook reached a three-year high in November despite concerns over the sovereign debt crisis in some Euro zone economies.
Japan’s industrial production fell for the fifth consecutive month in October as stimulus effects waned and slow global demand hit exports, further indicating a slow and fragile recovery.
Owing to a strong than expected recovery, Britain raised its growth forecast for the year to 1.8 per cent from 1.2 per cent, and reduced its estimate of job losses resulting from spending cuts.
China’s foreign currency inflows jumped 79 per cent from September to October, to reach CNY519 billion, or US$77.6 billion (*S$101 billion), according to the Chinese central bank.
Vietnam’s inflation rate accelerated at its fastest pace in more than a year and a half as a weaker currency pushed import costs up and rising domestic demand drove price hikes.
Japan’s car manufacturers association said that the nation should leverage on free trade agreements (FTAs) to help carmakers compete in the challenging global economy.
South Africa and China announced that they have signed a series of energy and trade agreements during a bilateral trade commission that was co-chaired by Chinese Vice President Xi Jinping and South African Deputy President Kgalema Motlanthe.
Chile’s economy expanded 6.5 per cent in September, year-on-year, more than the initial forecast made in September. The expansion was driven by growth in the retail, transport and communications sectors.
Manufacturing in the US picked up in October, for the 15th consecutive month, raising hopes for a strong final quarter that could revive a flagging economic recovery.
South Korea’s exports grew faster than expected in October as automakers and chip manufacturers benefitted from Japan’s struggle to curb the yen’s appreciation.
Engr Mustafa Bello, the Executive Secretary and CEO for the Nigerian Investment Promotion Corporation, explains why Nigeria is a good gateway into Africa
The Bank of Japan (BOJ) revised its forecast for the nation’s growth for the fiscal year of 2010 down to 2.1 per cent from 2.6 per cent, saying that Japan’s recovery was slowing due to the decline in export and production growth.
The meetings in South Korea saw finance ministers from the Group of Twenty (G-20) nations reach an agreement to refrain from competitive currency devaluation, thereby prompting the International Monetary Fund (IMF) to say that the global currency war has been averted.
The People’s Bank of China raised interest rates yesterday, in a bid to cool its overheating property market and combat rising inflation. The Chinese central bank said its benchmark one-year lending and deposit rates will be raised by 0.25 percentage points each, for the first time in three years.
Brazil raised taxes for foreigners buying local bonds and trading in foreign exchange derivatives in an attempt to curb the real’s appreciation against the US dollar.
Beijing criticised US’s loose monetary policies and blamed it for triggering global currency tensions. This comes as Washington continues to pressure Beijing over its yuan exchange rate, which the US claims is undervalued and thereby causing global trade imbalances.
The Japanese government raised concern about Japan’s economy recovery, saying that the economy is at a standstill as slow global recovery and the strong yen continue to impede upon export-led recovery.
Turkey’s automobile exports have seen double-digit increases in the first nine months of the year, indicating that the Turkish automobile industry is picking up at last. Foreign carmakers are noticing the positive figures and are directing investments to Turkey.
The Asian Development Bank (ADB) has released its latest report, the Key Indicators for Asia and the Pacific 2010, which presents the latest available economic, financial, social, environmental, and Millennium Development Goals (MDG) indicators for regional members of ADB.
Total trade decreased by 4.5 per cent in September 2010, in contrast to the previous month’s 9.8 per cent rise, due to lower sales of both electronic and non-electronic NODX.
Middle East companies are no longer conducting mass recruitment and are focusing on getting the best out of their current employees instead, said Mr David Jones, Middle East Business Leader for Hewitt Associates in the UAE.
Russian Energy Minister, Sergei Shmatko said that the country will invest over US$400 billion (*S$523.58 billion) in the development of its gas sector until 2030.
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Chinese Premier Wen Jiabao warned last week that an abrupt yuan appreciation by 20 to 40 per cent would destroy Chinese firms and trigger mass unemployment, causing social upheaval.
The latest draft of the Anti-Counterfeiting Trade Agreement (ACTA) has been released by the US Trade Representative. The global trading agreement that aims to tackle the issue of piracy and counterfeiting is now more flexible and palatable to technology firms.
The world is slowly recovering from the global recession. However it remains in a fragile condition, according to Olivier Blanchard, Chief Economist of the International Monetary Fund (IMF).
In this inaugural issue of “Tell me StorIEs”, IE Singapore’s Knowledge Management Division catches up with Reginald Wee, Group Director for the Technology Business Group, to learn more about his experiences in India where he served as the Group Head for the South Asia desk for over three years.
The dynamic and constantly changing global economic landscape has seen a shift in economic focus from the developed nations in the West to emerging economies like Brazil, Russia, India and China.
Africa is commonly seen as the last frontier market for businesses. It has seen growing international interest due to its large and rapidly growing population.
Brazil’s finance minister, Guido Mantega, said the world is caught in the midst of an “international currency war” as leaders artificially force their currency values down to boost their economies since the global recession.
Japan and China have been locked in a heated dispute over the collision in the East China Sea which followed with Tokyo’s arrest of the Chinese trawler captain.
The presence of a Hungarian-Chinese bilingual school in Budapest attests to the rising numbers of Chinese working in Eastern Europe due to the increase in investments made by Chinese companies.
Japanese-created game characters like Nintendo’s Mario and Pokemon and Sony’s Sonic the Hedgehog once dominated video games however recent creations have failed to make their mark in the US and European markets.
There is no better way to access mainland Europe than through its front door - the Netherlands. The country’s strategic location, highly developed transportation infrastructure, efficient customs authorities, and logistics professionals are enough reasons for foreign companies to grow and expedite their international operations.
On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) rose by 10 per cent in August 2010, in contrast to the previous month's 3.9 per cent decline.
A day after Japan’s Prime Minister Naoto Kan’s victory over rival Ichiro Ozawa in the leadership elections, the yen fell to a low of JPY85.45 (*S$1.34) to the dollar following intervention by the Ministry of Finance.
Iskandar Malaysia, the country’s southern economic growth corridor, is looking forward to see more investments from Singapore on the back of stronger bilateral ties.
Brazilian mining giant, Vale said that it plans to take loans amounting to US$1.23 billion (*S$1.65 billion) from Chinese banks to finance the construction of 12 cargo ships to transport iron ore from Brazil to China.
Muslims in France are seeing their food choices expand. With about six million Muslims, France has the largest population of Muslims in Europe, and they are having an impact on the national food culture.
German Chancellor Angela Merkel announced plans to delay the date when Germany phases out nuclear power by another 15 years, in order to guarantee German energy security. Germany decided in 2000 to phase-out nuclear power by 2022. Once the deal is settled, the last plant will be shut down in 2040.
Europe’s biggest economy, Germany was led out of recession by its export growth while the rest of the Euro zone economies trailed behind. Germany has been criticised for growing at the expense of the others but its rebound may help Euro zone peers after all.
The continued expansion of China’s automobile industry could cause harm to the economy. China overtook the US to become the world’s biggest auto market after sales hit 13.64 million units last year.
As the largest exporter of coffee, sugar, can-based ethanol and iron ore, Brazil has the capacity to emerge as an economic powerhouse. However, in an intensely competitive and knowledge-driven global world, the current state of education in Brazil is preventing it from accelerating its economy and establishing itself as one of the world’s most powerful nations.
India is mulling a Direct Taxes Code (DTC) Bill that will substitute all profit-linked incentives with investment-linked incentives for businesses that enjoy tax sops under the existing law.
Singapore investors and businesses have received an open invitation by officials from both Cambodia and Laos to set up and invest in the countries, with both nations promising good returns of investments and generous business opportunities in many untapped sectors.
Taiwan is keen to enter into an economic cooperation agreement covering trade and investment with Singapore. Both sides maintain warm economic and trade ties.
More business licenses were issued in Dubai in the second quarter of 2010 compared to a year ago, said the emirate’s Department of Economic Development. In total, 4,101 licences for new businesses were approved during the period, a 17 per cent increase year-on-year and rise of 17 per cent from the first quarter of the year.
Sem Chong, Managing Director of Bluetree Electronics Pte Ltd, explains why he chose to market theKube through unconventional means to stand out from the crowd
Business profits of Australian firms in Q2 expanded by more than three times the amount estimated by economist. The increase in profits was led by mining companies, builders and banks.
French President, Nicholas Sarkozy cut France’s economic forecast for 2011 down. He said that the reduction of deficit to six per cent of the gross domestic product (GDP) remains the top priority of the government.
Lim Der Shing, Chief Executive of JobsCentral Pte Ltd, shares his positive experience engaging BDO, one of the consultants at IE Singapore’s Advisory Centre, for a market feasibility study.
China is one of the fastest growing economy in the world. WBL Corporation, one of the first Singapore companies to establish a presence in China, shares their business experience in China.
Infrastructure projects accounted for 53 per cent of total investment in FY10, up from 45 per cent in the previous financial year, revealed a study on corporate investments by the Reserve Bank of India.
Oil prices fell following news that the Japanese economy experienced a sharp slowdown in the second quarter of the year, fanning worries about weak energy demand. Japan is the world’s third biggest oil consuming nation.
Brazil’s largest airline, TAM Linhas Aereas plans to merge with Chile’s LAN to create the LATAM Airlines Group SA. The merged airlines will become the largest carrier in South America.
On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) decreased by 3.9 per cent in July 2010, after the previous month's marginal 0.1 per cent decline.
MTI would like to inform that the EU authorities have circulated a Regulation Notice to inform interested parties of the initiation of a circumvention investigation against biodiesel exports from the US to the EU transhipped via Singapore
Investment opportunities in Abu Dhabi’s healthcare sector are on the rise as the emirate pushes to modernise and improve its medical services to serve its rapidly growing population.
Vietnam will continue to prosper and be a favoured investment destination due to its political and social stability, said Siji Kawazoe, an economist with Sumitomo Trust and Banking Company.
Malaysia is now targeting quality investments as it strives to be a high-income economy, said the Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed. He also said that the country is no longer suitable for low-end assembly operations.
While investment in Brazilian equities is on the wane, investors are committing more to long-term money in Brazil through mergers and acquisitions. Dealogic announced that deals this year amount to US$65.4 billion (*S$89.07).
Global recovery helped bolster an export-led growth in the German economy. Europe’s largest economy saw an increase in exports by 3.8 per cent in June, from May. This figure is an improvement from the expected 1.5 per cent.
An Adidas concept store, only the third of its kind in Europe, has opened in Prague. This indicates that retail may be performing better in the capital as a result of tourism and higher employment rates.
On a quarter-on-quarter seasonally adjusted (q-o-q sa) basis, Singapore’s total trade rose by 4.7 per cent in 2Q 2010, following the 9.0 per cent expansion in 1Q 2010.
Relations between Turkey and Israel were strained after Israel’s deadly raid on a Turkish-led flotilla to Gaza in May. Following the incident, Turkey threatened to end diplomatic ties without an Israeli apology and closed off its airspace to Israeli military planes.
The increase in orders in Germany’s engineering sector is leading the economy’s recovery. The sector expanded by 62 per cent in June this year, as compared to the same month in 2009.
Russia’s state oil giant, Rosneft, reported a substantial increase in profit and lower debt levels following a rise in output in its newly established Siberian oil fields, higher oil prices and zero export duties.
In May 2010, Amsterdam Airport Schiphol launched theGROUNDS, a new state-of-the-art platform and testing ground designed to facilitate the collaboration of renowned companies and knowledge institutions to develop innovative applications for a sustainable airport.
In the first half of 2010, profits have almost doubled for British Gas. The company benefitted from the coldest winter experienced in the UK in the last 30 years.
Costa Rica President Laura Chinchilla Miranda announced intentions to ease bureaucratic regulations in order to increase the flow of investment into the nation.
The number of unplanned inspections of businesses has decreased significantly since the Russian government’s decision to limit the regulatory burden on enterprises.
Singapore companies should invest in developing African ports to raise their capacities in serving the expected increase in African maritime trade volume.
China’s economic growth is expected to accelerate in the coming decade, and the injection of investments will shift from the traditional coastal regions to the western regions.
Singapore businesses that wish to venture into Africa now have a platform to help them create business transactions and project deals between the business communities in both countries.
With the global economy on the rebound, it is time to seek potential overseas business opportunities. IE Singapore is dedicated to assisting you go beyond the borders and find success in your overseas ventures.
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A Memorandum of Understanding (MOU) has been signed by the Singapore Co-operation Enterprise and Togo to increase cooperation between the two countries in the areas of industrial zone and infrastructure development, education and professional training systems.
Thailand needs to reform its financial and services sector in the near-term to maintain its attractiveness to foreign investors, said Nandor von der Luehe, chairman of the country’s Joint Foreign Chamber of Commerce.
The central bank of South Korea revised its 2010 economic growth forecast to a high of 5.9 per cent, with growth in industrial output, exports and business investments leading the way ahead.
Ian Lee and Isabelle Low of IE Singapore’s Middle East and Africa Desk highlight the reasons behind Africa’s growth story, and how Singapore companies can benefit from this market.
The Securities and Exchange Board of India (SEBI) has relaxed lending disclosure norms for foreign institutional investors (FIIs), allowing them to disclose information on a weekly instead of the current daily basis starting from 2 July 2010.
The Confederation of Indian Industry (CII) will be pushing for a slew of manufacturing-sector policies in the southern states in order to generate more income for the country. Among the policies include simplifying clearances and approval mechanisms, encouraging green manufacturing, fast-tracking infrastructure development and putting in place enabling flexible labour rules.
Multinational companies and foreign-owned corporations with experience in developing urban areas will be given priority to invest and develop the upcoming Thu Thiem New Urban Area in Ho Chi Minh City’s District 2, said Trang Bao Son, deputy head for the Investment and Construction Authority for the township.
On a month-on-month seasonally adjusted (m-o-m SA) basis, non-oil domestic exports (NODX) decreased marginally by 0.1 per cent in June 2010, after the previous month’s marginal 0.2 per cent decline.
Industrial units are now allowed to relocate across different Special Economic Zones (SEZs) as the government step up efforts to boost business consolidation and help companies base themselves nearer to their source of input or market.
The US remains an important market to consider for overseas expansion even though some might say that it is mature, competitive and has limited business opportunities, said Kathy Lai, Assistant Chief Executive for IE Singapore.
Private equity firms have snapped up deals worth over US$225 million in the IT and BPO space between January and April, more than double the levels seen the same time last year, according to data by Grant Thornton.
Education has emerged as one of the most lucrative sectors in India and many private equity investors are lining up to invest in the US$80 billion industry.
The upturn in the retail sector is attracting private equity investors that are making a beeline for a slice of the profits. According to observers tracking the sector, deal volumes were the highest in sectors such as healthcare, finance and consumer discretionary (which largely includes premium brands and retail).
India will be one of the top-five civil aviation markets in the world in the next five years, said Praful Patel, the Union Minister of State for Civil Aviation.
The E50 Awards recognises local, privately-held companies who have contributed to economic development in Singapore and abroad. Nominations for 2010 Enterprise 50 is now open.
On a q-o-q SA basis, Singapore’s total external trade rose by 9.0 per cent in 1Q 2010, at a faster pace than the 3.7 per cent expansion in the fourth quarter of 2009.
Singapore and the Netherlands share plenty of synergies in water and waste management, says Linnie Mackenzie, Area Director for the Netherlands Foreign Investment Agency (NFIA) in Singapore
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