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Singapore country brief

The relationship between New Zealand and Singapore is one of the most long-established and closest in Asia.

The relationship dates back to well before Singapore’s independence from Malaysia in 1965. During World War II, the New Zealand air force played a significant role in Singapore’s air defence.

Due to this close and historical relationship, Singapore provides New Zealand with valuable insights into the Association of Southeast Asian nations (ASEAN) thinking and processes.

The two countries share similar views on international and regional trade issues and initiatives.

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Opportunities

The following sectors present opportunities for New Zealand exporters.

  • Food and beverage: Singaporean supermarkets are expanding the range of eco-products they offer in response to growing demand from consumers. In 2011 there were approximately 42,600 hotel rooms in Singapore. An estimated 1,700 rooms will be added to the market in 2012, representing a 4 percent increase. A further pipeline of about 4,000 new rooms is expected by 2013. With Singapore’s over-dependence on imported food and beverage products and growing tourist demand, the opportunities for high quality and price competitive products will remain strong.
  • Information and Communication Technology (ICT):  The market in Singapore has an appetite for new technologies. In particular, there are opportunities in the financial services, retail, public healthcare, mobile communications sectors.
  • Healthcare: Singapore invests heavily in innovation-led healthcare service delivery. The country is developing platforms such as the “Hospital of the Future” and “Homecare of the Future” to enable healthcare providers to develop and test new products and business models with healthcare companies.
  • Education: There are opportunities for New Zealand companies offering value for money vocational training, professional / executive training, early childhood programmes / services and e-learning products / services.
  • Clean Technology: Opportunities exist for New Zealand businesses that offer innovative renewable energy solutions and consultancy services in energy diversification, energy efficiency and sustainability.

Singapore at night. (TRANZ / Corbis)

Challenges

Singapore is dependent on exports and consequently is affected by world market conditions.

The economy was hit hard by the economic crisis in 2008, and the decline continued and the unemployment rate rose in 2009.

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