23 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, witnessed by Singapore Prime Minister Lee Hsien Loong and New Zealand Prime Minister Rt Hon Jacinda Ardern.
Companies from both New Zealand and Singapore can now look forward to more opportunities to learn and connect through various activities, such as business missions, business matching and market intelligence support, thanks to the signing of a two-year ‘Partnership for Growth’ Arrangement.
Signed in Singapore on 17 May by NZTE Trade Commissioner for Singapore, Hayley Horan, and Enterprise Singapore Global Markets Director, Johnny Teo, the NZTE-Enterprise Singapore Arrangement aims to promote greater alliance, particularly among SMEs and startups in Singapore and New Zealand. The agreement will help New Zealand businesses expand operations beyond their own borders, through the exchange of market expertise and sharing of business networks.
New Zealand and Singapore already share a close and collaborative relationship based on shared history and interests. As Prime Minister Jacinda Ardern noted, New Zealand and Singapore’s common interests as small and advanced economies makes Singapore a “valuable and natural partner for New Zealand’. Singapore is New Zealand’s 7th largest trading partner (the largest in Southeast Asia), with total trade of goods and services in 2018 worth NZ$5.2 billion.
There are opportunities to further bolster that relationship through collaboration, given both countries’ strong market potential. In fact, momentum is already underway in the collaborative space, with Enterprise Singapore recently leading 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.
NZTE CEO Peter Chrisp commented: “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.”
Enterprise Singapore CEO, Png Cheong Boon, reinforced the importance of Singapore as a strong base from which New Zealand companies can access other Asian markets, while Singapore companies can explore new business prospects in areas such as food, technology and logistics.
“With this partnership, we hope to see bilateral trade between the two countries grow even further,” commented Mr Boon.
The NZTE-Enterprise Singapore Arrangement is one of five Arrangements to drop out of the larger New Zealand-Singapore Enhanced Partnership, which was also signed in Singapore on 17 May, by Prime Minister Ardern and Singapore Prime Minister Lee.
Find out more about the New Zealand-Singapore Enhanced Partnership via MFAT.