20 May 2019
Image above: NZTE Trade Commissioner for Singapore, Hayley Horan and Enterprise Singapore Global Markets Director, Johnny Teo, sign the NZTE-Enterprise Singapore Arrangement. Under the Arrangement, companies in both countries can look forward to more opportunities to learn and connect through various activities, such as business missions, business matching and market intelligence support.
New bilateral partnership between Singapore and New Zealand offers more business opportunities in food, logistics and technology.
1. Enterprise Singapore and New Zealand Trade and Enterprise (NZTE) signed an Arrangement today to strengthen collaboration in trade and market access, witnessed by Singapore Prime Minister Lee Hsien Loong and New Zealand Prime Minister Rt Hon Jacinda Ardern. This bilateral partnership will focus on three key sectors of mutual interest - food and related products, logistics & transportation and technology.
2. The two-year agreement between the two economic agencies, inked for the first time, serves to promote greater alliance, particularly among small and medium enterprises (SMEs) and startups in Singapore and New Zealand. It will help them expand operations beyond their own borders, through the exchange of market expertise and sharing of business networks.
Partnership builds on strong bilateral trade relations
3. New Zealand and Singapore share close economic ties. Between 2017 and 2018, bilateral trade increased 12.1% to reach S$4.1 billion. There are opportunities for greater collaboration given both countries’ strong market potential . For instance, Enterprise Singapore recently led a delegation of 11 Singapore companies in the food, logistics and transportation sectors to explore collaboration opportunities, engage local business networks and better understand the business culture in New Zealand.
4. Under the Arrangement, companies in both countries can look forward to more opportunities to learn and connect through various activities, such as business missions, business matching and market intelligence support.
5. As one of the five Arrangements signed alongside the Enhanced Partnership today, the Enterprise Singapore-NZTE partnership attests to the strong commitment of both countries to support bilateral trade collaboration and enterprise development.
6. “Singapore is a strategic partner for New Zealand and our eighth largest trading partner. This arrangement allows us to actively facilitate expanded trade and business linkages between the two countries. We also have enormous respect for Enterprise Singapore who is one of the leading economic development agencies globally”, says NZTE Chief Executive Peter Chrisp.
7. Mr Png Cheong Boon, Chief Executive Officer of Enterprise Singapore, said, “Being a Global-Asia node, Singapore can be a base for New Zealand companies to access Asian markets. Singapore companies can also explore new business prospects in New Zealand, especially in food, logistics and technology. With this partnership, we hope to see bilateral trade between the two countries grow even further.”
1. As of 2018, Singapore and New Zealand each has a sizable Gross Domestic Product of about US$324 billion and US$276 billion, respectively.
2. Signed by Singapore Prime Minister Lee Hsien Loong and New Zealand Prime Minister Rt Hon Jacinda Ardern, the Enhanced Partnership is a joint declaration between New Zealand and Singapore to support bilateral cooperation in (i) trade and economics, (ii) security and defence, (iii) science, technology and innovation, and (iv) people-to-people links.
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About Enterprise Singapore
Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise.
We also support the growth of Singapore as a hub for global trading and startups, and build trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.