Singapore and Poland are deepening their economic relationship, as highlighted at the Poland-Singapore Business Forum held on 13 June at Shangri-La Singapore. The event, attended by Polish President Andrzej Duda, focused on achieving economic success amidst global uncertainties. Minister for Sustainability and the Environment, Grace Fu, emphasised the importance of collaboration between the two nations, particularly in light of the volatile trade and geopolitical environment.
The forum underscored the robust growth in bilateral trade, facilitated by the EU-Singapore Free Trade Agreement (EUSFTA), which has seen a 50% increase in goods trade since its inception in 2019. This growth has been mirrored in the services sector, which reached nearly S$700 million in 2023. Singaporean companies, such as PSA International and Seatrium, have made significant investments in Poland, leveraging its strengths in logistics and connectivity.
Fu highlighted the recent signing of the EU-Singapore Digital Trade Agreement (EUSDTA), which aims to enhance digital transactions between Singapore and the EU, providing legal certainty and fostering cross-border partnerships. The Polish government’s efforts to ratify the EU-Singapore Investment Protection Agreement (EUSIPA) were also praised, as it promises to offer greater investment security for businesses.
The forum also explored potential collaborations in food and digital technology sectors. Poland’s strong agriculture sector has already doubled its food exports to Singapore during the COVID-19 pandemic, and new opportunities have emerged with the approval of Polish poultry exports. In digital technology, Singapore’s fintech companies are well-positioned to collaborate with Poland’s burgeoning fintech and e-commerce sectors.
The event, organised by the Embassy of the Republic of Poland, the Polish Investment and Trade Agency, and the Singapore Business Federation, marks a significant step towards fostering new partnerships and continued economic success for both nations.
