As the world sees the gradual reopening of borders and the revival of foreign investments, the Singaporean-German Chamber of Industry and Commerce (SGC) is focused on aiding German companies access the Singapore market, while also supporting local businesses seeking to enter Germany and Europe. To this end, the SGC provides business matching services customised for individual needs, including market analysis and the organising of business missions.

The SGC also hosts various events to help members identify business opportunities by providing a comprehensive understanding of emerging market trends. Topics like decarbonising Jurong Island have been discussed, marking concerted efforts towards a sustainable industrial future. Furthermore, the chamber’s DEinternational unit organises German business delegations that seek market entry opportunities in Singapore in the areas of energy efficiency, electronics and photonics, pharma and biotech, and Industry 4.0.

Moving forward, the SGC will continue to provide avenues for companies to pursue their market expansion strategies, highlighting points of entry and providing solutions to potential barriers. Fostering vibrant German-Singaporean bilateral ties remains a priority for the chamber.

Through its 12 active industry committees, SGC gives a voice to businesses. As expert groups of the chamber, these committees serve as the information backbone of the chamber members. One of the crucial roles of these committees is to offer a platform for German and Singaporean firms to exchange their knowledge and expertise on current trends and topics.

Breaking new ground

In the post-pandemic era, Singapore has proven to be a secure environment for German “Mittelstand” or mid-sized companies, which form the backbone of the German economy. These firms are mainly concentrated in the machinery, auto parts, chemicals, and electrical equipment sectors. German conglomerates such as Evonik and BASF have expanded their presence in Singapore, making high-end investments in sectors in the chemicals industry. This cements Singapore’s role as an appealing hub for German companies looking to penetrate the Asean market.

Major German corporations have made notable strides in establishing their foothold in Singapore. Siemens, for example, has invested S$290 million in a high-tech factory aimed at automation and digitalisation. Meanwhile, Evonik has embarked on the construction of a new alkoxides production plant, adding to its investments surpassing S$1.5 billion.

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As Singapore welcomes more investments, the country remains an attractive hub for German companies to conduct business in the Asean region, even amid changing global commercial dynamics.

Leveraging partnerships amid uncertainty

However, doing business in Singapore is not without its challenges. Rising housing rents and the scarcity of qualified talent are issues that German companies find daunting. The chamber serves as a platform for highlighting such concerns and engaging with the local government to bring these matters to the forefront of discussions. From the continuous feedback gathered from member companies on the talent crunch, the SGC has begun addressing this through various training and upskilling programmes in collaboration with institutions such as Singapore Polytechnic, JTC Corporation, SkillsFuture SG, and Bosch Rexroth Regional Training Centre. It is also developing expertise in Industry 4.0 by partnering with educational institutions for specialised training programmes.

Beyond manpower issues, the SGC also assists companies in navigating regulatory complexities and optimising free trade agreements, specifically through its Competence Centre for Trade Policy.

To support its member companies against an uncertain global backdrop, the SGC forms partnerships across multiple domains. From talent management collaborations with the National Centre of Excellence for Workplace Learning led by Nanyang Polytechnic to discussing sustainable innovation initiatives within the healthcare and life sciences sectors with Singapore’s Economic Development Board, the chamber employs a multi-pronged approach to ensure resilience among its members.

The SGC is keen on elevating the quality and quantity of its programmes. It hosted the 17th Asia-Pacific Conference on German Business last year, and is planning future events such as the German-Singaporean Bilateral Forum on Sustainability and Innovation on Oct 9. It is an exciting phase for SGC as it aims to amplify its role in the industrial and digital transformation of its member companies.

Amid global economic uncertainties, the trajectory for German-Singaporean business ties looks promising. Both countries are mutually committed towards sustainability, innovation, and technological advancements. With the support of the European Union-Singapore FTA and mutual efforts towards Industry 4.0 and sustainable urban development, the future seems to be laden with opportunities for meaningful collaborations.