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.