2017 Singapore Insights Delegation
Have you explored the opportunities for your business in Southeast Asia?
Michael McMillan, Director of Policy & Investment, explores the opportunities for the businesses of Townsville North Queensland.
The city-state of Singapore has risen through the ranks to become one of Asia’s most dynamic, innovative and contemporary modern economies. The Lion City has established this standing through a combination of strong political, fiscal and social policy resulting in the nation’s reputation as a business-friendly environment, with a first-class education system, strict corporate governance and rule of law, and a thriving arts and cultural scene. Singapore’s vibrant economy has propelled the country upwards over the past 50 years. As a modern shipping and transportation hub and financial centre, Singapore is critical for any organisation contemplating doing business in emerging Asia.
In 2015, Singapore and Australia committed to a Comprehensive Strategic Partnership (CSP) to frame the relationship between the two countries. The Singapore-Australia Free Trade Agreement (SAFTA) together with the CSP are the pillars upon which our two countries will strengthen economic, Defence, tourism, foreign affairs, innovation and community connectivity to ensure that Australia will remain a critical economy in the Asian Century.
North Queensland’s relationship with Singapore extends far beyond the scope of the defined joint Defence training activities proposed under the CSP. Our region’s agricultural, services, education, tourism trade and investment with Singapore is expected to dramatically benefit from the progressive amendments introduced to the SAFTA in May 2016.
Cross-border investments between Australia and Singapore are benefiting from solid yield differentials and access to cash from high net worth individuals. As a net outbound investor, Australia is one of Singapore’s top investment destinations. This is most notable in the commercial property sector where Singapore has, for years, been investing in large-scale retail assets across Australia. However, these dynamics are changing as Singaporean investors consider asset classes like student accommodation and hotels.
The Singapore Insights Delegation program will provide participants with an understanding of what the next generation of Singaporean investors are looking for and provide an opportunity to learn directly from local financiers and portfolio managers on how Australians are strategically well placed to take advantage of the similarities between our countries legal and financial systems.
Townsville Enterprise is seeking to take advantage of our Nation’s developing relationship with Singapore, providing North Queensland small to medium size enterprise with the necessary intelligence, support and insight required to assess opportunities supportive of their own business development ambitions. Through its delegation partnerships with James Cook University (JCU), Austrade and Trade & Investment Queensland (TIQ), Townsville Enterprise has ensured delegates will have access to a comprehensive range of resources that will assist in defining participants ‘export readiness’ and determining an appropriate market entry strategy supportive of individual company requirements.
The Singapore Insights Delegation program has been formulated to ensure participants gain real value from their in-country experience, resulting in a comprehensive and informed market appraisal. This program presents a unique opportunity that directly supports North Queensland SMEs’ assessment of the trade and investment potential that Singapore and neighbouring ASEAN economies represent.
This program is not just about three or four days in country. It strives to assist delegates in establishing a comprehensive strategic roadmap toward the development of an effective export market entry strategy that targets tangible business outcomes. The work undertaken prior to and following the delegation will be as important if not more so, than our time spent in Singapore.
If you are serious about exploring the opportunities emerging in Southeast Asia, we look forward to having you join us in September.
Export Market Development Grants
When considering the ’Singapore Insights Delegation’ program, please also make time to assess its eligibility under the Australian Government’s - Export Market Development Grants (EMDG) scheme. The Export Market Development Grants (EMDG) scheme is a key Commonwealth Government financial assistance program for aspiring and current exporters. Administered by Austrade, the scheme supports a wide range of industries and can reimburse up to 50 per cent of eligible export promotion expenses above $5,000. For more information about EMDG scheme and the eligibility of the ‘Singapore Insights Delegation’ program, please visit: