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Many German businesses already see Singapore as a hub and a springboard for their activities in Southeast Asia. About 1,200 German businesses already operate in Singapore.

Global financial centre

Singapore is one of the most important global financial centres. It is often referred to as the London of Southeast Asia. German trade with Singapore is worth slightly more than ten billion euros. German businesses have brought around eight billion euros in direct investment to the city state. Chancellor Angela Merkel and Singapore’s Prime Minister Lee Hsien Loong also discussed the issue of financial market regulation. In Asia too states now realise that transparency is key. Angela Merkel once again underscored the importance of arriving at joint regulation. 

Regional pioneer

Within the region Singapore is a pioneer and a driving force, not only in economic terms. The European Union is currently negotiating a free trade agreement with Singapore. This could be a model for negotiations with other ASEAN states. The Chancellor declared that she would welcome all progress in these negotiations.

Singapore Lecture

During her visit the Chancellor is to give the 31^st Singapore Lecture, which is organised once a year by the Institute of Southeast Asian Studies. The Singapore Lectures are traditionally given by heads of state and government. Chancellor Helmut Schmidt gave the lecture in 1983 and Chancellor Gerhard Schröder in 2003.

German investors and exporters aim to use Singapore to gain a toehold on the Southeast Asian market. The government of Singapore is developing the city state as an international centre for innovation and high-tech. Biotechnology, nanotechnology, photovoltaics, environmental technology and the health and media sectors are felt to have particular growth potential. Singapore always comes top of the international ranking list for market-economy orientation, competitiveness and the quality of its infrastructure.