German companies urged to use S'pore as springboard for Asia
German companies urged to use S'pore as springboard for Asia
SINGAPORE (DPA): German companies venturing into the Asian
market for the first time were urged on Monday to tap Singapore's
position as a springboard for foreign ventures seeking to do
business in the region.
Tang Guan Seng, senior parliamentary secretary for trade and
industry, cited the city-state's "technology, good management
practices and international mindset" in addressing a delegation
of business people from Saarland meeting with executives of firms
here.
The Saarland delegation is the third from Germany to visit
this year. The two others were from Muenster and Brandenburg.
Underscoring the wide range of opportunities offered by
partnerships, Tang mentioned the exchange of technology, research
and development, co-production, joint ventures and
distributorships.
"Companies can look for strategic alliances in these areas for
their business growth," Tang said, or consider a partnership to
jointly develop a third country market.
Prime Minister Goh Chok Tong called for cooperation to be
further expanded when he visited Germany last June.
One way, Tang said, is "by promoting Germany as the gateway
for Asian investments into the EU and promoting Singapore as the
gateway for European investments into Southeast Asia."
There are more than 600 German companies in Singapore with
cumulative investments of DM4.5 billion, making the city-state
Germany's largest trading partner in Southeast Asia, Tang said.
Germany is one of Singapore's top ten trading partners.
The members of Singapore's business community were told that
50 percent of the EU's gross national product is generated by
industries in the region including Saarland state and neighboring
parts of France and Luxembourg.
Tang said the Saar-Lor-Lux area has become "a model for the
Europe of tomorrow."
"Singapore companies will be able to tap new technologies and
distribution channels, by using Saarland as a gateway to Germany
and the rest of the EU" he said.