The manufacturing sector for Singapore is set to receive a serious boost in the near future. Benefitting local small/medium-sized companies in particular, SMEs from Singapore will now have the opportunity to connect and interact with similar-sized companies in Germany. They are also known as the Mittelstand.
To be sure, this is a monumental opportunity for everyone involved. At the same time, there is no question that Singapore-based SMEs are going to be able to benefit from this most of all. There are a number of reasons as to why that is the case. Going forward, several important factors and possibilities need to be explored, with respect to this genuinely exciting news.
Singapore And German SMEs
The Mittelstand are noted for a couple of key qualities. Those would be their productivity, as well as their competitiveness. These things are not lacking in Singapore SMEs, but there is no question that the added emphasis many German SMEs bring to those concept is something that the Singapore companies will benefit from to a considerable extent. Many Singapore SMEs are hoping to not only expand on their current holdings and opportunities, but to also expand global networking potential, while also crafting new capabilities.
More than forty Singapore companies gathered at Hannover Messe. Better known as the world’s biggest industrial tech fair, it provided the Singapore government with an ideal venue in which to reveal their intentions to the world at large. The long-term goal here is to move these Singapore companies into new regions of advanced manufacturing practices.
Long-standing, deep connections and ties are being emphasized, as far as the overall relationship between Germany and Singapore is concerned. Given the enormity of this announcement, it stands to reason that these countries are indeed committed to achieving exceptional things through an exchange of cultures and ideas.
What Happens Next
While no one can really say for certain what happens next, going forward from this announcement, there is still a great deal to get excited about. It is important to remember that Singapore is the most significant partner of Germany, when it comes to trading partners. This is definitely a two-way street. Both countries have expressed a great deal of excitement over this news. Both countries are confident that by combining people, resources, and other components, some exceptional things will result. There is no reason in the world to believe that this will not happen.
Roughly 1700 German companies are already based in Singapore. This should give you an idea of the foundation that supported this announcement in the first place. While the news itself may not be too surprising, the opportunities available to both countries is well worth noting. A number of agreements have been signed recently. First, there was the Memorandum of Understanding, which was signed by both the Enterprise Singapore and the German Accelerator. This agreement hopes to improve market access for all concerned.
Also signed were agreements related to specific countries, and to specific interests with regards to industrial technology and similar subjects.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore soars in global innovation rankings, Singapore & Luxembourg Ink Research and Development Agreement and all topics related to Singapore Economy. If you are interested about Singapore Company Registration visit our website for more info.
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