Singapore, Germany sign agreements to boost market access for startups

Singapore, Germany sign agreements to boost market access for startups

Singapore startups will be able to better access opportunities in Germany. These include partnerships in innovation, the exchange of business views and knowledge, as well as the sharing of best practices.

HANNOVER: Singapore startups will be able to better access opportunities in Germany. These include partnerships in innovation, the exchange of business views and knowledge, as well as the sharing of best practices.

This will be made possible under a deal inked on Tuesday (Apr 24) at the Germany-Singapore Business Forum in Hannover, between Singapore government agency Enterprise Singapore and German Accelerator - a growth acceleration programme for German startups.

Under the agreement, German startups can also tap on Singapore as a platform and gateway to expand into the rest of ASEAN and the Southeast Asian region.

Meanwhile, member companies of trade association Singapore Precision Engineering & Technology Association (SPETA) and German industry association IVAM Fachverband Für Mikrotechnick (IVAM) will be able to connect with one another to collaborate on the adoption of Industry 4.0 technologies and microtechnology. This will be made possible under a deal inked between both parties at the forum as well.

For a start, the two associations will list their members in each other’s member directory to enable companies to connect to potential partners.

A Memorandum of Understanding (MOU) was also signed between Composite Cluster Singapore (CCS), Singapore plastics solutions provider Sakura Tech and two German manufacturers Covestro and Hufschmied to build a research and development facility in Singapore.

The facility will go towards providing a platform for companies to tap the latest technologies and create industry solutions. The four parties will drive innovation efforts and promote their products and services in overseas markets, especially Asia.

Speaking at the forum, Minister for Trade and Industry (Industry) S Iswaran said Singapore is a complementary partner to Germany in the innovation of new solutions.

“Our complementary strengths make it meaningful for German and Singaporean enterprises to be innovation partners and build deeper technical capabilities.”

He added that Singapore serves as an ideal springboard into Asia for German companies.

“Rapid urbanisation and industrial developments in ASEAN are driving demand for innovative solutions in fields such as in e-Commerce, robotics and Internet-of-Things (IOT). Given our proximity, familiarity with and connectivity to the region, Singapore can be the ideal hub for German companies to testbed solutions before scaling to the ASEAN market,” he said.

Likewise, Germany presents significant opportunities for Singapore companies, in the manufacturing and environmental technology sectors.

For one, bilateral trade between both countries grew 8.3 per cent in 2017 from a year ago to reach S$21.6 billion.

Germany was our largest trading partner in the EU and, conversely, Singapore was Germany’s largest trading partner in ASEAN.

Singapore is also home to about 1,700 German companies.

Germany is also Singapore’s 5th largest investor from the EU, with foreign direct investment (FDI) stock valued at over S$18 billion as at end-2016.

Source: CNA/ec

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