The European Bank for Reconstruction and Development’s (EBRD) medium to long-term outlook for emerging countries in Europe and central Asia like Kazakhstan, Poland, Russia and Turkey, remain positive despite current economic volatilities. Sir Suma Chakrabarti, President of EBRD, shared his optimism on the growth of these emerging markets and opportunities they present for Singapore companies at International Enterprise (IE) Singapore’s Global Conversations held this morning.
Moderated by Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore, the business dialogue with Sir Suma engaged 25 C-level representatives from Singapore companies spanning the financial, food, technology, trade and urban solutions sectors. In addition to the EBRD’s economic outlook, discussions revolved around current business trends as well as issues pertinent to Singapore companies in emerging Europe and central Asia. They include market opportunities, challenges and how IE Singapore and EBRD’s close partnership can mitigate risks for companies in these emerging markets.
- Sir Suma stressed that the economic fundamentals of many emerging countries in Europe and central Asia have improved since the global economic crisis in 2008 / 2009. Improvements in the Eurozone, efforts by the governments and proximity to the European Union (EU) market are advantages that will help sustain the stability of these emerging markets.
IE Singapore and EBRD sign MOU to deepen strategic partnership
Emerging European and central Asian markets today still hold pent-up demand for high-quality products and services that are often supplied by foreign companies. Their developmental needs are aligned with sectors where Singapore companies have strong competencies in. These include urban planning services, information and communications solutions as well as high-tech municipal and environmental infrastructure. In recognising opportunities arising from this, IE Singapore and EBRD will explore ways to increase collaboration for companies, as emerging markets in Europe and central Asia actively seek to diversify and modernise their economies. Singapore companies are regarded as suitable and efficient partners to reduce European and central Asian companies’ reliance on the EU market.
Mr Teo Eng Cheong said, “Singapore companies’ expertise and capabilities are complementary to the developmental needs of emerging European and central Asian markets. The investment environment there is favourable for our companies, with its highly-skilled, well-educated workforce and enterprises. IE Singapore will partner the EBRD to help Singapore companies capture opportunities through funding and facilitating business collaborations. Companies can tap into our combined assistance, extensive experience and strong network to navigate the complexities and challenges of emerging Europe and central Asia.”
At the Global Conversations event, IE Singapore and EBRD signed a Memorandum of Understanding to deepen their strategic partnership. The two parties will identify project opportunities in emerging markets within Europe as well as central Asia, primarily Russia and Turkey. Such projects will be in sectors that include, but are not limited to:
- Information and communications technology (ICT)
- Municipal and environmental infrastructure
- Power and energy
- Urban development (including smart cities and eco-cities)
Sir Suma Chakrabarti said, “Singapore companies are important for the EBRD because they can work with us in helping emerging market economies flourish. Singapore companies have the right set of skills to raise standards and transfer expertise to these markets as they develop. The EBRD’s project financing, good understanding of local business environments as well as strong relationships with key authorities and local enterprises within Europe and central Asia, will benefit Singapore companies.”
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International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. For the past 30 years, they have been spearheading the overseas growth of Singapore-based companies and promoting international trade. Their vision is a thriving business hub in Singapore with Globally Competitive Companies (GCCs) and leading international traders.
IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.
Through their Global Company Partnership and Market Readiness Assistance, they work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation.
Their global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets.
Visit the IE Singapore website for more information.
IE Global Conversations
IE Global Conversations bring together world-renowned thought leaders for an up-close interactive dialogue session. Addressing a wide range of issues relevant to today’s global business environment, the sessions focus on emerging economic opportunities across markets. Past speakers include China Vice Premier and former Guangdong Party Secretary, Wang Yang; Party Secretary of Nanjing, Yang Weize; Myanmar Union Minister for Construction, U Khin Maung Myint, and Vietnam Prime Minister Nguyen Tan Dung.