Singapore

Singapore

Trade and investment relationship with Australia
  • Total two-way trade: $22.7 billion (2016)
  • Two-way trade in goods: $12.6 billion
  • Two-way trade in services: $10.1 billion
  • Total two-way investment stock: $160.4 billion (2016)
  • Australian investment in Singapore: $61.5 billion (2016)
  • Singapore investment in Australia: $98.9 billion (2016)
Key features of the market
  • Population: 5.6 million29
  • GDP growth: 2% (2016)
  • GDP: US$297 billion (2016)
  • GDP per capita: US$52,960.70 (2016)
  • Ease of doing business: 2 of 190 (2017)

SAFTA AANZFTA RCEP TPP

Singapore is Australia's largest trade and investment partner in ASEAN, and an important focus for Australia's commercial engagement in the region. The Comprehensive Strategic Partnership elevates Australia's relationship with Singapore to further enhance people, business and government links. Opportunities in Singapore include:

Advanced manufacturing: As a hub for multinational corporations and global value (production) chains, there are opportunities in the aerospace and defence sectors for Australian capabilities in advanced manufacturing, materials and services.

Oil and gas supply chain: Singapore is the world's third largest oil trading hub and home to almost all of the global energy majors and engineering procurement and construction management companies. Opportunities exist for Australian companies in global supply chains, especially in solutions, processes and new technology sectors to enhance operational efficiencies.

Innovation: Singapore's 'Smart Nation' program and focus on innovation and commercialisation of technologies provide opportunities for collaboration and commercial partnerships across sectors including cyber security and big data.

Infrastructure and construction: Australian pension funds and asset managers will benefit from the infrastructure project pipeline in Singapore, with opportunities to invest and partner with construction and engineering companies preparing for the US$1 trillion-plus per annum of infrastructure to be built across the region.

Education and training: Education trends in Singapore are focused on developing workforce skills, innovation and technology. There's a high priority on developing an industry-ready workforce through training in specialised skills and innovation. Targeted, skills-based training and research on niche 'borderless education' and institutional research are areas of potential collaboration.

Healthcare services and technologies: One in four Singapore citizens is predicted to be over 65 years by 2030.30 This will create demand for healthcare services, medtech and biotech services. Australia's extensive capabilities across these sectors can support Singapore, especially in new medical technologies.

Food service and retail: Singapore's small but sophisticated consumer class creates significant opportunities for Australian exporters of agrifood, premium food, wine and consumer goods. Suppliers will also benefit from improved logistics across the region, enabling them to provide quality Australian food into the expanding ASEAN market via Singapore.