Italy leads business mission to Singapore

Asia remains a key target market for European nations looking to grow amid the current global economic downturn.
Italian businesses have their sights set on wooing Asia's growing middle-class, especially in markets such as China, India, and Southeast Asian nations. And they are looking to use Singapore as a springboard for regional expansion.

The Italian government has led a mission of some 80 businesses to Singapore. They are looking to position themselves for a recovery in the global economy, which they expect will be led by Asia powerhouses.

They say there are 120 Italian companies in Singapore, and hope to hit 150 in a few years' time.
However, they say that Asian economies need not fear an increased Italian presence, nor resort to protectionist measures.
President of the Italian Institute for Foreign Trade, Umberto Vattani, said: "There is a lot of attention for Asia. We are not here to compete. We are here to merge, and to gain an extra value in our normal activity. We believe that by joining forces and doing things together, we can both benefit."
The sectors of key interest for Italian firms include manufacturing, lifestyle, healthcare and clean technology. These are in line with Singapore's strategic growth areas, which suggest more opportunities for the island.
Singapore's Senior Minister of State for Trade and Industry and Education, S Iswaran, said: "For our companies, I think the opportunities are two-fold. First is to work with Italian companies that have core capabilities and see how we can partner them to do more in this part of the world, in third countries as well as in Singapore. Second is to look at opportunities in Italy and beyond."
Singapore is Italy's largest Southeast Asian trading partner, while Italy is the island's fifth largest European trading partner. Bilateral trade was at about S$5.8 million for 2008.
Italian firms say Singapore is an ideal platform to reach other parts of the region, thanks to its strong business network, infrastructure, and the presence of other regional players in the country.
The Italian business mission will move on to Malaysia on Tuesday.
from: ChannelNewsasia.com