Singapore accounts for 5.4 million inhabitants. The Singaporean market is of a particular nature. Up to 60% of the GDP comes from industry and the rest is service. In 2012, the GDP accounted for $346 billion Singaporean dollars ($277 US billion) and the GDP per capita was the 7th highest in the world: US$65,048 per inhabitant. Unemployment rate is very low (1.8%).
The main drivers of the economy are Manufacturing (20.7%), Wholesale & Retail Trade (17%), Business Services (14.6%), Finance & Insurance (11.9%), and Other services Industries(11%). The big particularity of the Singaporean market is that 75% of the goods in Singapore are just in transit, they re-dispatched afterwards.
Up to 50% of the investments in South-East Asia are directed to Singapore, which makes it a very attractive market. It is the ﬁrst French market for ASEAN (Association of South-East Asia Nations). There are more than 700 French companies in Singapore and around 37,400 international. Singapore is the second logistics world hub before the Netherlands, Sweden and Hong Kong (capacity 20 times more important than Le Havre harbour in France).
Singapore’s economy is focusing on high-end, high value-added sectors like chemicals, bio technology, transport engineering, electronics and new energies. The market is driven by 4 main markets: tourism, digital media, bio technology and shopping. Day-to-day life in Singapore can be summed up by 3 simple words: working, eating, shopping.
Singapore does everything to develop its economy: it opens its borders, it lowers the business and individuals taxes and it manages to attract a certain type of clientèle (rich) by having a very attractive tourism economy with luxury hotels and worldwide events like the Formula One Grand Prix.
Singapore is very similar to Hong-Kong, but the truth is that the two hubs are not focusing on the same sectors: Hong-Kong is focusing more on the Financial sectors than Singapore.
The French Chamber of Commerce in Singapore (created in 1979) is part of the French Chamber of Commerce Network, but is not linked to the French government, it is private and auto-ﬁnanced.
It is here to help French companies settle a foothold in Singapore and in South-East Asia and help Singaporean companies to settle in the French market.
In a nutshell, FCCS offers business support through providing information, linking companies with the right partners, incorporating companies, finding solutions for booths in trade shows, helping with administrative tasks as work permit application, hosting companies in their business center (incubator) and assisting companies in recruitment (head hunting).
FCCS assist ﬁrms from startups and SMEs to big French and Singaporean groups. Currently, it has 570 companies members, 25 board members and 20 permanent staff. The example of key partners includes BNP, Schneider, Sanoﬁ, Axa or Alstom.
Our key takeaways
- FCCS created in 1979: helps French Companies settle in Singapore
- More than 700 French companies in Singapore
- Around 37,400 international companies in Singapore
- GDP 2012: US$ 277 billion
- GDP per capita ranked 7th worldwide
- Manufacturing, Wholesale & Retail Trade, Business services and Finance and Insurance are the economy drivers in Singapore
- 4 important domains: Tourism, Digital Media, Bio Technology and Shopping
- Focuses on High value added sectors: Chemicals, Biotechnology, Transport Engineering, Electronics, New Energies