Bridging the distance between Singapore and Poland with a click

HOW far is it from Singapore to Poland? If you're looking for a simple answer - ask Google. In 0.88th of a second, it will tell you there is exactly 9,518km between the two countries. That's some pretty amazing technology. But - ironically - it is the technology that makes that answer not so much incorrect, as incomplete.

Ever since the invention of the telephone and the radio, we've been using technology to decrease distance and increase cooperation - between people, businesses and economies. This has proven particularly true now in these Covid-19 pandemic times, with trade disruption and new challenges.

With no regard for distance, enabled by technology, Poland and Singapore acted quickly and issued in May 2020 a Joint Ministerial Statement to strengthen bilateral economic cooperation and connectivity. Poland - an agricultural powerhouse - swiftly stepped in as one of Singapore's new sources of essential food products. In the first three quarters of 2020, Polish food exports to Singapore doubled year-to-year - the main driver of a notable 15 per cent growth in export. Bilateral trade grew by 7.5 per cent with rising imports from Singapore.

Poland, however, is also a large, dynamic economy with strong capabilities in modern technologies and innovation, recognised by big tech companies such as Google, Microsoft or Amazon. The market of 38 million people, with a large pool of well-educated STEM (science, technology, engineering and mathematics) graduates and a vibrant startup community, attracts key world players. For years, the structure of Poland's trade with Singapore has been showing a surplus in services. Since 2016, it has grown by 30 per cent a year on average - a testament to the maturity of both markets. And 2020 is expected to be another record year, with growth additionally fuelled by mobility challenges caused by the pandemic and an increased demand for cross-border services.

We can use innovative technology to make... more innovative technology. This is why Poland decided to establish, in Singapore, back in 2016, one of the first Foreign Trade Offices of Polish Investment and Trade Agency (PAIH) working hand-in-hand with local institutions and business partners. Here are a few examples of where we are in 2020.

FINTECH - PUTTING OUR MONEY WHERE THE TECHNOLOGY IS

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Since 2017, when the Polish Financial Supervision Authority and the Monetary Authority of Singapore signed a fintech cooperation agreement, Poland has been active at the Singapore Fintech Festival, with an extensive line-up of innovative Polish companies attending the event and reaching for industry awards.

Ask fintech startups from Poland about the turning point that led their business to the next level, and they are likely to point to the European FinTech Hackcelerator. The competition, bringing together members of the European fintech ecosystem, was prepared by a Polish team led by smart tech accelerator Accelpoint and PAIH, as one of the six regional editions of the Global Fintech Hackcelerator by Singapore Fintech Festival.

The results? Applications from over a dozen European countries; seven Polish startups among the 20 semi-finalists; and a new international network of 23 top European and Singapore organisations that partnered Accelpoint in selecting the best fintech startups from across Europe. The biggest winners? Coinfirm - the global anti-money-laundering platform based on blockchain and headquartered in London, with Poland-born co-founders. Another award - a spot in the accelerator programme offered by Block71 - went to Yosh.ai, a Polish fintech specialising in AI-based voice assistance.

The fintech cooperation works both ways, as local companies are eager to discover opportunities in the fastest growing part of Europe. Impact Finance'20 - an event that brings together the most important names from fintech, innovation, business, politics and science in the Central and Eastern Europe - saw a virtual mission of fintechs and VC funds from Singapore interested in expanding their businesses and searching for the latest technological breakthroughs. The group, brought together by Enterprise Singapore, participated in the keynotes, pitches and one-on-one meetings.

MEDTECH - TECHNOLOGY FOR SOCIAL AND ECONOMIC WELLBEING

An ageing population, a phenomenon both in Singapore and Europe, translates into growing demand for modern medical equipment and services - a trend embraced in Poland. Increasingly, innovative medtech businesses from Poland discover the potential of cooperation with Singapore partners. Among them is one of the largest and the fastest growing cardiac monitoring companies in the world, which signed a letter of intent with a local distributor that will bring its products to the entire Asean region. This reflects Singapore's position as a regional hub and is an example of how partnering with a European company can strengthen local entities while benefiting the broader region. Another project involves a Polish medtech startup offering revolutionary facial and cranial implants and one of the pioneers on Singapore's 3D printing scene. Together, they plan to launch a breakthrough product in several Asian markets.

More projects are in the pipeline. Among them is the Asean-Poland MedTech Summit planned for 2021 in Singapore, Kuala Lumpur, Bangkok and Jakarta.

AGRITECH - RACKING IN THE PROFITS FROM COVID-19 AND BEYOND

Singapore's interest in new food suppliers sparked by Covid-19 generated immediate response from Polish food manufacturers, and was supported by efficient cooperation between Polish and Singaporean authorities. It resulted in first contracts signed in May 2020 that were soon followed by deliveries of eggs, frozen vegetables and fish.

We need to continue building on this opportunity while aiming for more advanced cooperation relevant to Singapore's evolving food market. Towards this end, the webinars "Polish Food & Beverage Industry" and tech-focused "Focus on Central and Eastern Europe - Applied Technology in Food Processing and Manufacturing", followed by B2B sessions, brought together almost 200 participants. Poland, exporting worldwide agri-food products worth over S$50 billion annually, also offers investment opportunities to companies looking to strengthen resilience against future supply chain disruptions.

BUILDING BRIDGES - VIRTUAL ONES

A notable growth of bilateral cooperation has been additionally fuelled by the EU-Singapore Free Trade Agreement as well as the like-minded approach our countries share in tackling international challenges, including respect for rules-based order and the need for multilateral cooperation. The EU-Asean relationship, which was recently elevated to the strategic partnership level, will certainly open up new paths for business entities from Poland and Singapore.

No wonder Poland sees the digital economy as an excellent way to connect the two regions. Singapore companies, with a growing presence on Poland's commercial and logistics property market, are proactively looking into e-commerce, data centres and cloud computing opportunities. In 2021, we plan to increase the cooperation in the smart-cities area.

With the gaming industry becoming another beneficiary of the pandemic, gaming businesses from Poland and Singapore have taken steps to get to know each other better. Poland is home to more than 400 game development companies; our gaming industry has become a powerful global brand and one of the country's major exports. In November, just ahead of the global launch of the highly awaited Cyberpunk 2077 by Polish developer CD Projekt Red - the Singapore Games Association presented a special session at the Games Industry Conference. Singapore companies can leverage their globalisation efforts through cooperation with studios in Poland, while the Polish creative industry could use Singapore as a base for better penetration of the fast-growing South-East Asian gaming market.

It helps if additional support is in place. Thanks to the Polish Technological Bridges programme, 20 companies have received funds and business-plan support in entering the Singapore market. Another 20 more can expect a helping hand in the months to come.

I have no doubt that similar activities, undertaken by local business federations, will contribute tremendously to increasing awareness - also among SMEs - of Poland's economic potential and bilateral commercial opportunities. Our country's prospects of a relatively smooth recovery from the pandemic, with expected GDP growth in 2021 at +3.3 per cent year-on-year, should be perceived as a reflection of the largest Central and Eastern European market's resilience, stability and long-term business potential. We are committed to continuing the work we're doing - together with our Singapore counterparts - to create stronger bilateral ties while contributing to a more sustainable regional and global economy.

Another way to look at it, without proving Google wrong? The geographical distance between Poland and Singapore might still be 9518km but, at the end of 2020, we are closer than ever before. Now, Singapore's business partners in Poland can be reached in less than one second - with just a click.