Singapore is Australia’s fifth-largest trading partner which included over $25.7 billion in two-way trading in 2015. The nation invested almost $98.9 billion in Australia in 2016. Singapore is strategically located to offer global connectivity and enables investors access to the Asian market within a radius of seven hours’ flight time. Therefore, prioritising Singapore as a key trading partner and laying the foundations for a strong relationship for generations to come will allow Townsville strategic positioning as the capital of Northern Australia.
Singapore provides the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies. The Singapore-Australia Free Trade Agreement (SAFTA) established in 2003 eliminated all import tariffs between the two countries. Opportunities for investment exist in industries such as:
- Healthcare and aged care
- Building and construction
- Business services
- Technology (including fintech, medtech and edutech)
- Education (VET, skills development, research)
- Food and beverages
James Cook University has had a campus in Singapore for 13 years, fortifying the established relationship between Townsville and the city state. This affiliation offers potential for the Townsville community to explore what makes the independent state a leader in areas such as transport and industry and information and communications.
Singapore Insights Delegation
4-8 September 2017
In September 2017, Townsville Enterprise hosted the Singapore Insights Delegation. The delegation was designed to give local businesses the opportunity to connect with key business and Government officials and gain insights into opportunities the market presents.
Industry streams covered throughout the delegation included Agriculture, Aquaculture, Connectivity, Supply Chains & Logistics, Innovation, Emerging Industries & Health, Tourism, Sport & Events, Urban Renewal, and Property & Investment.