The economic centre of gravity is shifting globally and this will likely continue as countries in Asia transform and embrace economic development, Deputy Prime Minister Heng Swee Keat said.
Among them are major countries such as China and India, and Singapore can continue to play a role by being an “Asia 101” that is able to help multinationals looking to expand in growing markets in this region, added Mr Heng, who is also Finance Minister. Such companies include European businesses that already have a base here.
Last year, trade in goods and services between the European Union and Singapore hit new heights, reaching the €100bn (S$152bn) mark, EU Ambassador to Singapore Barbara Plinkert said. Currently, more than 10,000 European companies use Singapore as their regional hub.