Singapore Economic Development Board
Singapore Economic Development Board introduces new areas and support systems expected to grow in Southeast Asia and Singapore at seminar for Japanese companies
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The Economic Development Board of Singapore (EDB) will hold a seminar on May 16th for companies considering entering or expanding their business in Asia. We introduced our support system.
At this event, which was attended by more than 80 corporate executives from various fields including manufacturing and service industries, Mitsubishi Corporation and Kajima Corporation introduced their business activities in Singapore and their partnership with EDB. JP Morgan and IGPI Singapore also took to the stage to introduce growth opportunities in Southeast Asia and information useful for financial management in Singapore operations.
Amid the current economic and geopolitical uncertainties, global companies are turning to the fast-growing Southeast Asian market to reduce risk and build balanced business portfolios.
[Image: https://prtimes.jp/i/96113/17/resize/d96113-17-35fd1b928bbbd1a759ae-0.jpg&s3=96113-17-81e3dee1f3167f846258f6bbcb68cf99-2048×1536.jpg] According to a study by Boston Consulting Group*1, by 2031, the amount of trade with the rest of the world is expected to expand, and trade with Japan is also expected to grow rapidly. *1：Protectionism, Pandemic, War, and the Future of Trade
According to a JETRO research report*2 released in March 2024, many multinational companies and fast-growing startups are based in Singapore as a gateway to ASEAN, and Japanese companies are For more than 10 years, Singapore has been the top country in which Japan has established a regional headquarters. *2: FY2023 Survey Report on Regional Headquarters Functions of Japanese Companies in the Asia-Pacific Region
At the seminar, we introduced new preferential treatment and subsidies announced by the Singapore government in its 2024 budget proposal, as there are increasing expectations for business expansion with Singapore, which has had diplomatic relations with Japan for more than half a century. These measures cover a wide range of projects such as new production businesses, head office functions, service businesses, research and development, technological innovation, and
decarbonization, and will further strengthen support for corporate business and innovation activities and encourage investment in Singapore. We will increase its attractiveness and promote steady economic activity.
For more information, please see: Budget 2024
(https://www.edb.gov.sg/ja/newsroom/news-library/budget-2024-new-refundable-investment-credit-for-high-value- economic-activities-s2-billion-top-up-to-national-productivity-fund.html) Based on Singapore’s track record of ranking first in Asia in the World Bank’s Ease of Doing Business ranking and INSEAD’s Global Talent Competitiveness Index (GTCI), we will There are also subsidies to encourage training and human resources support for Japanese companies. Singapore has supported S$60 billion, equivalent to 1% of GDP, over the past 30 years to deepen R&D capabilities and corporate innovation activities, and the 2024 Budget plans to invest in the National Productivity Fund. It was announced that an additional S$2 billion will be invested in the project.
To strengthen our competitiveness in innovation, we will invest an additional S$3 billion in R&D and innovation in semiconductors, medical technology and robotics as part of our Research, Innovation and Enterprise 2025 Plan.
It was also announced that in line with the National AI Strategy 2.0, S$1 billion will be invested over the next five years to accelerate the development and deployment of artificial intelligence (AI). It also includes securing the advanced computer chips needed to drive AI innovation in both the private and public sectors, including transportation, logistics, healthcare, and financial services, and triples the current number of AI specialists to 15,000. Efforts to increase the number of people will also be strengthened.
Regarding human resources, in order to help companies acquire the human resources they need, we offer ONE Pass for global human resources with high skills and specialized knowledge, Tech Pass for specialized engineers, and work visas for foreign PMETs. (EP), and we continue to invest in training programs to keep pace with evolving business needs and rapid technological advances.
For any questions regarding expansion into Singapore, please contact: japan@edb.gov.sg
See also:
・Business-friendly environment
(https://www.edb.gov.sg/ja/why-singapore/business-friendly-environment.html) ・ Advantageous regional headquarters
(https://www.edb.gov.sg/ja/key-activities/headquarters.html) ・Case studies of companies expanding into Japan
(https://www.edb.gov.sg/ja/industries-case-studies/case-studies-library.html) Please see the attached document for event summary and latest information on Japanese companies in Singapore:
https://prtimes.jp/a/?f=d96113-17-695ede1ed4aa2b54dcfd7d2594ca1aef.pdf What is the Economic Development Board of Singapore (EDB)?
EDB is a government agency established in 1961 under the Ministry of Trade and Industry, and is responsible for developing Singapore’s industry and attracting investment. As a “one-stop center for attracting foreign companies,” we have offices in more than 20 overseas locations, and not only provide foreign companies with information on Singapore as an investment destination, but also grasp global economic, technological, and market trends. By doing so, we are formulating economic strategies to foster industries and sectors that can demonstrate competitiveness in Singapore. In Japan, we have an office in Tokyo and support Japanese companies investing in Singapore. Please read EDB’s newsletter for the latest business news and information on events held by EDB. Click here to register for distribution: https://go.gov.sg/edb-bridge
This article has been partially generated with the assistance of AI.