News: The Straits Times - 16th June 2009

S'pore can be launch pad for Italian firms

(Picture: Italy's Deputy Minister of International Trade Adolfo Urso, who is heading the country's largest business mission here, calling on SM Goh at the Istana yesterday. - ST Photo)

SINGAPORE can serve as a catalyst for Italian companies to enter and grow in Asia, said Senior Minister of State for Trade and Industry and Education S. Iswaran yesterday.
Mr Iswaran told an Italy-Singapore business forum that included a large number of visiting Italian businessmen: 'Given our deep and broad links with key regional players, Italian companies can capitalise on Singapore's strategic location in Asia and use it as a launch pad into the region.'

Last year, Italy was Singapore's fifth-largest trading partner in Europe, with total bilateral trade valued at $5.8 billion.

Italian firms can also gain from Singapore companies' 'broad experience and established networks' in countries such as China, India and Vietnam.

Mr Iswaran said: 'There is significant potential for companies from Italy and Singapore to collaborate more closely.'

Although smaller in scale than their Italian counterparts, local small- and medium-sized enterprises have grown into regional players 'with a diversified geographical footprint and significant market presence within Asia', he added.

Mr Iswaran also urged Italian firms to cater to future trends in Asia. For instance, while Italy is China's favourite source of furniture from Europe, Chinese producers still account for 90 per cent of furniture in the market.

Also present at the forum was Mr Adolfo Urso, Italy's Deputy Minister of International Trade, who is leading the country's largest business mission of more than 138 delegates to Singapore.

Yesterday, Mr Urso called on Senior Minister Goh Chok Tong, who had led a delegation to Italy in 2006 as well as in April this year.

During their meeting at the Istana, they discussed the state of bilateral economic ties and the potential for closer collaboration between both countries.

Mr Goh briefed Mr Urso on recent economic developments in Asia and reiterated that Singapore could be a platform for Italian companies to venture into the region.

- end of ST article