Singaporean companies eye new growth opportunities in Central Asia

The interest of the Singapore companies for Central Asia is increasing as the region continues to offer new opportunities for expansion and business growth.

About 20 Memorandums of Understanding (MOU) are expected to be exchanged during the Overseas Market Workshop (OMW) organized by the Singapore Business Federation (SBF) to Kazakhstan and Uzbekistan, in conjunction with the state visit of the President of the Republic of Singapore , Mdm Halimah Yacob, to both countries from May 22 to 26, 2023.

Dr. Shahzad Nasim, Vice President of SBF Middle East Business Group and SBF South Asia Business Group, and CEO of Meinhardt Group Singapore, will lead a delegation of 22 representatives from 19 Singaporean companies from the finance and investment sectors, urban development, transport and logistics, technology, food manufacturing and processing, business services, health and education, both in Kazakhstan and Uzbekistan. The delegation had the opportunity to meet and hear from market experts on specific business topics, visit various companies to better understand how companies can achieve success in the market, as well as participate in networking sessions and business meetups.

In addition to the commercial MOUs that would be signed by Singaporean companies such as PSA International, Surbana Jurong, Wilmar International and Enercon Asia during the trip, the SBF is also signing MOUs with peer trade associations and chambers. These include an MOU between the SBF and the Kazakhstan International Chamber of Commerce to encourage and assist the respective member organizations to better participate in various economic and business collaborations, as well as to identify suitable partners and business opportunities. The SBF also renewed its Memorandum of Understanding with the Uzbekistan Chamber of Commerce and Industry. The MOU was first signed in 2007 to help Singaporean companies explore opportunities in the Uzbek market.

Bilateral relationship with Kazakhstan

Kazakhstan is the largest economy in Central Asia and enjoys a favorable investment climate in the region. In 2022, bilateral trade in goods amounted to S$412.3 million.

According to the SBF National Business Survey 2022/2023, 7.95% of Singaporean companies are interested in venturing into Kazakhstan.

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Since the launch of the GlobalConnect@SBF programme, the SBF has provided 74 consultancies and facilitated the entry of 48 companies into Kazakhstan, in the agricultural technology, manufacturing and food service, healthcare, hospitality, education and the infrastructures. D.

uring the Kazakh leg of the trip, the SBF organized the Kazakhstan-Singapore Business Forum in Astana and a networking dinner for the Singaporean delegation with nearly 50 members of the Astana business community.

Bilateral relationship with Uzbekistan

Uzbekistan is the most populous country and the second largest economy in Central Asia. In 2022, bilateral merchandise trade amounted to S$8.3 million.

According to the SBF National Business Survey 2022/2023, 8.28% of Singaporean companies are interested in venturing into Uzbekistan.

Through the GlobalConnect@SBF programme, the SBF has provided 70 consultancies and facilitated the entry of 37 companies into Uzbekistan, in the sectors of urban development, transport infrastructure, information and communication technologies, health and education.

During the Uzbek leg of the trip, SBF organized the Uzbekistan-Singapore Business Forum in Tashkent, as well as a networking dinner for the Singaporean delegation with the Tashkent business community.

Uzbekistan is the most populous country and the second largest economy in Central Asia. In 2022, bilateral merchandise trade amounted to S$8.3 million

Mr. Tan Soon Kim, Deputy General Manager (Global Markets) of Enterprise Singapore (EnterpriseSG), stated: “We are encouraged to see the strong corporate representation on this mission, which reflects the continued interest Singaporean companies have in Central Asia. as they continue their diversification efforts. Major projects are available in the infrastructure, urban solutions, trade and innovation sectors in Kazakhstan and Uzbekistan. EnterpriseSG will work closely with our government partners in the market, such as the Astana International Finance Center and the Uzbekistan Investment Promotion Agency, to help more Singaporean companies expand in this region.”

Ray Kwan, Director of Global Division 3 (Africa, Europe, Middle East and South and Central Asia (AEMEA)), stated: “Kazakhstan and Uzbekistan are two promising emerging markets in Central Asia. There are many opportunities in finance and investment, new energy, healthcare and other innovative technologies, as well as transport and logistics, urban development and education for Singaporean companies to explore. The SBF has established strong relationships with partners from Kazakhstan and Uzbekistan. Through the Memorandums of Understanding signed during the trip, we hope to foster stronger cooperation and trade ties between our countries.”