22 - Exploring New Frontiers

Summary

Representing the Singapore Economic Development Board (EDB), Mr Wong spoke of the possibilities that Singapore could offer to New Zealand companies and which could maximize opportunities between the two economies.

Mr Wong started the presentation by introducing the EDB. He pointed out that it is the “lead government agency” involved in planning and in implementing strategies that will sustain Singapore's environment as a “compelling business and investment hub”. He pointed out that the EDB fosters sustainable growth by promoting industry clusters and entrepreneurship, attracting foreign investments and by enhancing the general business environment.

In particular, Wong stressed Singapore's role as a vibrant business hub. He argued that Singapore is a “springboard” to Asia with nearly 7,000 multinational companies (MNC's) choosing to operate from here. There are a number of features that make Singapore attractive, especially its predominantly English-speaking workforce, high literacy (98 per cent), open immigration policy (a quarter of the total population is comprised of non-Singaporeans), its reliability as the most protective intellectual property regime in Asia, excellent physical connectivity to other parts of the world (in terms of sea, air and Internet connectivity) and its highly pro- business environment.

Focusing on the current state of New Zealand companies in Singapore, Wong said that their participation has rapidly increased. In fact the number of such companies has doubled since 2002 and currently stands at 202, including major firms like Fonterra, Beca, Baycorp, Fisher & Paykel, among others. He pointed at the Singapore-New Zealand Joint Fund that has come to serve as a launch pad for New Zealand companies, and of the New Zealand Technology Centre (NZTC) that will serve as a “beachhead for New Zealand companies to commercialize their technologies and launch their businesses globally”.

With regard to prospects for cooperation between New Zealand and Singapore firms, Wong said that Singapore is emerging as a digital media capital “where Singapore creations are made for global consumption”. He highlighted the many digital media companies that have set up bases here. These include Lucasfilms, Koei, Electronic Arts, Southern Star and Digipen.