“Foreign businesses in Singapore form an integral part of the framework of Singapore businesses, and it is because of this that we must also understand clearly their needs and address them appropriately.”
Minister Lim Swee Say, 2007
“Trade associations and chambers play an important role in helping businesses overcome the challenging economic environment.”
Minister Chan Chun Sing, PMO, 2017
Singapore’s successful economic model was built on the bedrock of an open economy that embraces foreign businesses and investments in the city-state. Recognising that the country possessed no hinterland, UN-appointed Dutch industrial economist Dr Albert Winsemius then proposed in 1960, a strategy that aimed to propel Singapore’s economic growth by attracting foreign multinationals to invest in and spur the local economy.
Fast forward five decades to the present day, foreign businesses continue to drive economic production in the Singapore economy. Putting Europe in perspective, over 11,000 European companies are present in Singapore, of which many use Singapore as their regional headquarters. Singapore also remains the most important trading partner in ASEAN for the European Union.
With such a significant presence in Singapore, European businesses benefit from a collective voice represented by the European Chamber of Commerce in advocating for best practices and open dialogue vis-à-vis the Singapore government and the European Commission.
By way of the various sectoral committees, EuroCham represents and advocates for the European business community in Singapore through frequent engagement with the government authorities via position papers, partnerships, dialogues, and high-level meetings.
EuroCham offers a wide range of committees including human resources (HR), financial services, healthcare, packaging, intellectual property, regional trade, regional tax, commercial vehicles, wine & spirits; as well as new committees in the pipeline for sustainability and aerospace, that aim to promote an open and freer business environment and share best practices. The committees also work closely with the respective agencies of the Singapore government to increase mutual understanding of the business issues faced by the European business community.