Singapore must remain focused on tapping Asia’s growth

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Singapore’s fundamentals are sound but it must remain focused on leveraging the growth of Asia, especially ASEAN.

That call was made by the Economic Development Board’s International Advisory Council (IAC) after it concluded its bi-annual meeting in Singapore on Friday.

The IAC is chaired by Deputy Prime Minister Teo Chee Hean and comprises top executives of some of the world’s largest MNCs including Siemens, Philips, P&G and Panasonic.

Charting Singapore’s medium to long-term growth strategy, the IAC said the country can position itself as an advanced manufacturing hub where companies can manage their production chain in ASEAN.

It has also called on Singapore to be a global data management centre and lead adoption of new infocomm technologies.

One such example is to tap on digital technology to create new ways of doing business and raise productivity.

Alibaba Group’s executive chairman Jack Ma, who is also a member of IAC, said “Asia is going to be the place where mobile internet has most opportunities. With the wonderful infrastructure and technology that Singapore has, we could be a services centre and we could be a new innovation centre. On the mobile technology period, Singapore is the best hub to cover countries like Indonesia, Philippines, Malaysia and Thailand.”

Some of the council members added that Singapore’s leadership role in the Trans-Pacific Strategic Economic Partnership Agreement and the Trans-Pacific Partnership free trade agreement, as well as the integration of ASEAN economies by 2015, will provide many opportunities for global companies looking to expand their production footprint in the region.

Mr Teo said the council also discussed challenges like slower growth in the workforce and growing competition in the region.

The council said Singapore needs to factor in the improving educational profile and changing aspirations of Singaporeans, and resource constraints in the next phase of the country’s economic development.

Mr Teo said: “What we are trying to do is to look at our constraints, look at how we can do things with less land, less energy, less workers, less cost, but still have good growth, high quality growth for our people and position ourselves so that we can do this and be good partners with companies so that it make sense for them to be here in Singapore to partner us to do these things.”

The IAC said Singapore should continue to build on its position as a Global-Asia business hub and seize new opportunities in other emerging regions such as Latin America and Africa.

At the event, Mr Teo also spoke on the US Federal Reserve’s plans to unwind its bond buying programme also known as quantitative easing (QE).

Responding to a question at the EDB event, Mr Teo said Singapore is well-placed to deal with tapering of QE when it happens and stressed that Singapore’s sound exchange rate policy should hold the country in good stead.

 

 

 

Source : Channel News Asia | September 20, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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