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Hong Kong's Fung Group opens South-east Asia headquarters in Singapore
FUNG Group, the Hong Kong supply chain and logistics conglomerate, wants Singapore to be key in its expansion plans in South-east Asia and South Asia.
The company opened in the Republic, its 21,550 square feet regional headquarters for South-east Asia on Monday.
"Having operated here for more than 40 years, our aim is to further leverage Singapore's strategic location and unparalleled connectivity to many key markets as we continue to grow our businesses in South-east Asia," said Victor Fung, group chairman of the Fung Group.
He said that Singapore's highly-educated workforce and focus on frontier technologies were reasons for picking Singapore as its regional hub.
William Fung, group deputy chairman, added that the Singapore hub could help it focus on areas outside the Greater China market.
Moreover, South-east Asia's rising middle class in particular has made it attractive for the group's retail operations.
"Fung Group will add to the diversity of our logistics and supply chain ecosystem, build new digital capabilities for the sector and in the process create more exciting roles for Singaporeans," said Beh Swan Gin, chairman of the Economic Development Board and the guest of honour.
The Fung Group employs more than 1,200 employees across Singapore in its various businesses. These include supply and logistics arm Li & Fung, homegrown sauces company Woh Hup Food Industries and apparel company Hang Ten. They also operate Toys"R"Us Asia, a joint venture between Toys"R"Us in the US and Fung Retailing Group in Hong Kong.
In 2016, a logistics arm of Fung Group, LF Logistics, opened an automated and multi-temperature warehouse facility to serve the e-commerce boom in Asia.