Ministry of Trade and Industry (Singapore)

Have you been to Latin America? As part of the Latin Americas desk, Saishwar Thirumagan Sri has travelled to Brazil and Peru to attend events and meetings with foreign counterparts to explore new opportunities. These efforts will help to enhance Singapore’s trade relations with more countries, and enable Singapore-based companies to reach a wider market. Keen to play a part in developing Singapore’s economy? Visit careers@gov for opportunities at MTI!

The second India-Singapore Ministerial Roundtable (ISMR) and Business Roundtable (ISBR) were held in Singapore yesterday, reaffirming the close and longstanding relationship between the two countries. Led by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the Singapore delegation at the ISMR, comprising six key ministers, engaged in discussions with Indian Ministers, including Minister of Finance and Corporate Affairs Nirmala Sitharaman, Minister of External Affairs Dr S Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology, Railways, Information and Broadcasting Ashwini Vaishnaw, emphasising the strong economic and people-to-people ties that underpin our bilateral relationship. Concurrently, the ISBR brought together business leaders from India and Singapore to identify initiatives for strengthening the partnership between the business communities. The ISBR saw participation from five business leaders from India and seven from Singapore, representing prominent organisations such as Blackstone Singapore, GIC, Temasek, Singapore Airlines, DBS Bank, Sembcorp Industries Ltd, and CapitaLand from Singapore, and Bharti Enterprises, Mahindra Group, TVS Motor Company, National Investment and Infrastructure Fund (NIIF), and Protean eGov Technologies from India. The business leaders agreed to work together on several workstreams, including industrial parks, skilling, infrastructure and digitalisation. Read the Press Statement for more information: https://lnkd.in/gpF8tD7a

Workers in the power sector will be able to enhance their training in operating power plants safely and effectively with the launch of the Centralised Power Plant Simulator (CPPS). The CPPS provides a simulated environment to conduct standardised training for power plant operators in a wide range of scenarios without interrupting day-to-day operations, minimising costs related to errors made during on-the-job training. Energy Market Authority (EMA) SP Group

The Alliance for Action (AfA) on Business Competitiveness recently convened to discuss insights on improving Singapore's regulatory landscape. By aligning regulatory frameworks with industry needs and global best practices, the AfA strives to create a conducive environment for businesses to thrive, and enhance Singapore's position as a leading business hub. To submit any feedback or questions, please write to the AfA Secretariat at [email protected]

Amid geopolitical tensions, economic challenges, and climate emergencies globally, Singapore continues to strengthen its position as a leading trade hub, setting the stage for continued growth in international trade. Find out how Singapore’s strategic location, robust infrastructure, and commitment to innovation have attracted nearly 400 global trading firms, spanning energy, metals, and agri-commodities to anchor their global operations in our city-state. https://lnkd.in/gNaeGu-q

Research and development (R&D) remains pivotal in shaping Singapore's future as a global leader in innovation.   Singapore will continue to deepen our R&D capabilities in key growth sectors such as semiconductors, robotics and MedTech to create more opportunities for businesses and good jobs for our workforce.   A*STAR - Agency for Science, Technology and Research

Yesterday, Singapore and the Philippines signed a Memorandum of Understanding (MOU) to collaborate on carbon credits aligned with Article 6 of the Paris Agreement. Under the MOU, both countries will work towards a legally binding Implementation Agreement, focusing on high-integrity carbon markets and identifying mutually beneficial carbon credit projects. This collaboration not only underscores our commitment to achieving climate targets but also strengthens the ties between our nations as we celebrate 55 years of diplomatic relations. Read the Press Release to find out more: https://lnkd.in/gj8p7xnx

#Didyouknow composting food scraps is a great way to reduce waste and methane emissions from landfills?   Featured at the recent Restaurant Asia 2024, Reencle has developed the first-ever microorganism composter, which helps to turn food waste into nutrient-rich fertiliser for your plants at home.  This innovative technology could soon be used by companies in the food service industry to reduce their food waste in bio-friendly ways. Reencle Singapore

In the second quarter of 2024, the Singapore economy grew by 2.9% on a year-on-year basis.   Since the last forecast in May, the growth of Singapore’s major trading partners has been largely in line with expectations. For the rest of 2024, growth in the US economy is projected to ease gradually, while China’s economy is projected to expand at a slightly slower pace. Growth in the Eurozone, Japan and key Southeast Asian economies is expected to improve gradually. Nevertheless, downside risks in the global economy remain.   Considering the performance of the Singapore economy in the second quarter, as well as the latest global and domestic economic situations, MTI has narrowed Singapore’s 2024 GDP growth forecast to “2.0 to 3.0 per cent”, from “1.0 to 3.0 per cent”.     Download the full report here: www.mti.gov.sg/ess2Q24

With a shared ambition to strengthen economic capabilities in science, technology and innovation, Singapore and Canada have agreed to enhance bilateral cooperation to encourage more collaboration opportunities between companies during DPM Gan Kim Yong’s visit to Ottawa earlier this year.   The enhanced cooperation will support more bilateral projects and elevate the capabilities of both Canadian and Singaporean companies, creating a more competitive economy for both countries.