Singapore eyes more Spanish firms operating on the island

It is currently home to 200 Spanish businesses.

More Spanish firms will be calling Singapore their casa as Parliamentary Secretary for Trade and Industry Low Yen Ling urged more business to anchor their operations in the city-state.

At the Spain-Singapore Bilateral Business Meeting, Ms Low noted that economic cooperation remains a key pillar of the two states' partnership. The secretary mentioned that Spain is Singapore’s ninth largest trading partner in the EU, with bilateral trade amounting to S$1.6 billion in 2015. Two-way investment flows totalled S$319 million as of end-2014, a figure that is steadily rising by the year.

"Singapore plays host to more than 200 Spanish companies, one of the largest concentrations of Spanish businesses in the region," Ms Low said.

She furthered, "Spanish companies here are involved in key sectors such as info-comms and technology, energy and chemicals, as well as construction and infrastructure. They have lent their expertise and technological know-how to Singapore, and many have found success in partnering our local companies."

With this, she cited how Singapore is an ideal base and natural partner for Spanish companies looking to anchor on growing markets in ASEAN.

"Global businesses will find it easy to operate in Singapore. This is not only because of our sound legal and regulatory environment, but also because Singapore is consistently one of the easiest countries in the world to conduct business," she explained.

She mentioned that  Singapore has a network of 20 free trade agreements with 31 trading partners that gives companies preferential access to global markets.

"In Singapore, you will be well-placed to tap on the many opportunities in growth sectors such as smart urban solutions, environment and water, as well as information technology. Our agencies and businesses will be able to partner you to trial technologies here before implementing them on a larger scale," Ms Low concluded.