Singapore amongst top APAC countries for nearshore supply chain occupiers

It ranked 2nd in APAC, following Japan.

Singapore ranked as the second-best location in the APAC region for industrial occupiers looking to "nearshore" supply chains, following Japan, Savills reported.

Within APAC, EMEA, and the Americas, Singapore ranks 6th, just ahead of Canada. Other APAC countries on the list include South Korea (8th), Vietnam (11th), and China (12th).

Portugal, the Czech Republic, and Poland top the list. However, Savills noted that occupiers might prefer other locations further down the index if they offer stronger environmental credentials or a better business environment.

“Singapore is 2nd when compared within the top 5 APAC locations in the Nearshoring Index. Factors such as economic stability, proximity to the ASEAN markets, competitive labour costs, robust trade agreements, and having the best infrastructure in the world make Singapore an ideal destination for companies considering nearshoring as part of their global strategy,” Sally Tan, Senior Managing Director and Head of Client Solutions at Savills Singapore said.

The Savills 2024 Nearshoring Index ranked 26 countries on factors crucial for occupiers looking to diversify supply chains and reduce reliance on imports, including resilience, economic costs, business environment, and ESG performance.