The Singapore-United Kingdom Partnership for the Future launched in January 2019 to mark the significant year for both countries. Digital economy and sustainable business and innovation are key pillars, especially as trade between Singapore and the UK has never been stronger with the UK exporting £8.6bn of goods and services to Singapore in 2017, from under £3bn in 1999.
The significance of Singapore as a major trading partner was highlighted in a visit to Singapore in August last year by the Rt. Hon Dr Liam Fox MP, Secretary of State for International Trade and President of the Board of Trade to showcase the UK as a great place to invest and to promote Singapore as a land of opportunity for UK firms.
With assistance from Enterprise Singapore, a trade and enterprise development government agency, SEED, a consortium of Singaporean companies, has established a presence in the UK. With the opening of the SEED office, it will support UK businesses to sell their products to ASEAN’s growing population through e-commerce.
The SEED office will provide UK companies with the information needed to help them expand into the region using Singapore as the entry point. Services will include market research, data analytics and development of an e-commerce strategy.
The opening of the SEED office recognises the brilliant innovative talent of UK brands and companies and of the UK being a global market leader in retail consumer goods and products.
Commenting on the opening of the SEED office, Minister of State for Trade and Export Promotion at the Department for International Trade, Baroness Fairhead said:
I very much welcome the opening of the Singapore eCommerce Enterprises Development (SEED) office in the City of London.
The opening of this office recognises the strength and excellence of British brands and their appeal to consumers. ASEAN eCommerce sales are projected to grow to approximately £77bn by 2025 with 650m people across the region eager to buy the UK’s innovative and high-quality products and services.
With its state of the art distribution network, a sophisticated economy and its ease of doing business, Singapore acts as an ideal gateway for UK companies into the region.
I urge any UK businesses looking to expand into the region to get in touch with the Department for International Trade to find out more about the support we can offer. From connecting UK businesses to overseas buyers, to providing support through our award-winning export credit agency UK Export Finance, the Department for International Trade is committed to helping British businesses achieve international success.
As we celebrate the bicentennial of relations between the United Kingdom and Singapore this year, I wish to thank the consortium of Singaporean companies who make up SEED, alongside Enterprise Singapore for choosing the UK to establish their first overseas operation, and strengthening the trading ties between our two nations.
- April 10, 2019 at 10:44 am by Editor (displayed above)
- April 10, 2019 at 10:44 am by Editor