President of Singapore in Poland: Economic Forum and two Cooperation Agreements

"It is the great ambition of the President, the Polish government and the Polish Investment and Trade Agency to make Poland's economic horizons much wider," said President Andrzej Duda during the ceremony of signing agreements between the Agency and its Singapore counterparts, that preceded the Singapore-Poland Business Forum.

The President recalled that 80 percent of Polish exports goes to the European Union. "We want Polish companies that have already been successful in Europe to expand their plans to more distant locations in the world. Polish authorities are engaged in activities contributing to the opening of new prospective markets for our entrepreneurs.  One of them is Asia, to which the road goes through Singapore", added Mr Duda, referring to the PAIH Foreign Trade Office, opened in Singapore in 2017.

Signed by PAIH President Tomasz Pisula in the presence of Presidents Andrzej Duda and Tony Tan, cooperation agreements with the International Enterprise Singapore Board and the Singapore Business Federation, are of particular importance. They will strengthen the activities of the Agency's branch in Singapore in managing the business information on the Singapore market. The new cooperation will be also helpful in finding new business opportunities for Polish entrepreneurs in one of the most innovative countries in the world. The exchange of information on business environment and facilitating business meeting between Polish and Singaporean companies should have the positive impact on the trade with Singapore that has been recently weaken. However, Singapore is considered as the most important receivers of Polish exports in Asia. The total value of the Polish foreign trade to this country (mainly ships, boats and floating structures) reached EUR 569m, in 2016. 

Despite the recent decline in trade exchange, the trade deficit between the two countries has recently been balanced. Moreover, new, prospective areas for economic cooperation have been defined. The main Asian member of the  ASEAN organization should be a good partner for Polish companies in such industries as: defense, food and consumer goods as well as in the technology development.

„Singaporean companies are attracted by the Aviation Valley. They are also interested in Polish electric busses”, President Duda said. The companies that accompanied Singaporean President Tony Tan were also interested in business opportunities in the Polish automotive sector.  PAIH Executive Vice President, Krzysztof Senger and Agency’s experts invited Singaporean companies to provide them with information about the most prospective business areas of mutual cooperation. Guests from Asia were also presented the investment climate in Poland. The workshop for Singaporean companies was the first highlight of the business programme of the delegation from Singapore on 22 May.

 “PAIH Foreign Trade Office in Singapore was opened not only for Polish exports but also to support Polish investments in Asia” - President Duda argued during the afternoon Singapore - Poland Business Forum. He addressed the speech to  President Tony Tan and 70 entrepreneurs from both countries that joined the meeting. “It is no accident that the first Asian branch of the Agency was opened in Singapore. This is business beachhead of PAIH in Asia”, said Tomasz Pisula. “Developing investment cooperation between the two countries is also an area of our responsibility in Singapore”, Pisula added during the Forum. He also thanked President Duda for promoting the Agency's activities in the world. According to the latest NBP data, the cumulative value of Foreign Direct Investments of Polish companies in Singapore amounted to EUR 89 m in 2015, while the value of Singaporean FDI in Poland was four times smaller, reaching EUR 17m.

President Tony Tan also called to boost the economic links between the two countries. Tan cited benefits to companies on both sides, including improved market access for Polish companies to Singapore and other countries in the Association of Southeast Asian Nations (ASEAN), and the elimination of the need for duplicate testing for technical and safety standards and approvals. (PAIH)