Dear Subscriber,
We're thrilled to present the latest news and events shaping the business landscape in Singapore and beyond. Stay tuned for investment opportunities, technological advancements, and commercial initiatives driving economic growth in our region.
Don't miss out our next events this upcoming month, enjoy this edition and find valuable insights to inspire your next steps in the business world! |
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The Annual General Meeting is an important part of the chamber's governance and provides an opportunity for shareholders to interact with management and have a say in the decision-making process. Save the date for the AGM 2024: When: Thursday, 2 May Time: 5.30 pm - 7.30 pm Venue: Amadeus |
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This year, we are honored to have Inmaculada Riera i Reñé, Chief Executive Officer of the Spanish Chamber of Commerce, as keynote speaker at our AGM. Mrs Riera has held management positions in Treasury, Markets and Finance, as well as in International and Corporate Banking, in several European financial institutions in Italy and Spain, including Banca del Salento (Monte Paschi di Siena Group), Banca di Venezia (Italy), Banco San Paolo (Spain/Grupo Instituto Bancario San Paolo di Torino, Italy) before being appointed Chief Executive Officer of the Spanish Chamber of Commerce in 2015.
The AGM is complimentary and exclusively for members.
For further information and registration visit our website HERE. |
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| UPCOMING EVENTS THIS MONTH |
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Meet the CEO - Business Breakfast
¨Challenges and opportunities facing foreign investors in Asia Pacific¨
Date/Time: Tuesday, 16 April 2024 / 9.00am - 10.30am
Location: TEC (The Executive Center), One Raffles Quay, Level 49, North Tower |
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Meet Fidinam CEO Asia Pacific Alessandro Pedrinoni and Fidinam Singapore MD Marta Giordano for an overview on 2024 business trends in Asia Pacific. Since our establishment in the Region in 2011, Fidinam has been serving more than 600 investors with a direct presence in Shanghai, Hong Kong, Hanoi, Ho Chi Minh City, Singapore and Sydney.
This open dialogue is dedicated to business leaders looking to engage in an insightful conversation about the challenges and opportunities facing foreign investors in Asia Pacific.
Numbers are limited and registration in advance is essential. Exclusively for members.
Complimentary event. |
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Meet & Eat Business Lunch - NOA
Date: Wednesday, April 24th
Time: 12:30-14:30
Where: NOA Lounge, 83 Neil Rd. Singapore 089813
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If you missed our last 𝗠𝗲𝗲𝘁 & 𝗘𝗮𝘁, here's another chance to join us for a new edition at 𝗡𝗢𝗔 𝗟𝗼𝘂𝗻𝗴𝗲.
Chef Alain Devahive has embarked on an extraordinary culinary journey at NOA to discover the distinct identities of different Mediterranean cuisines. An award-winning master of the culinary arts, Devahive brings to NOA his extraordinary expertise honed in renowned Michelin-starred establishments, including a 10-year stint at Spain's legendary elBulli restaurant.
𝗠𝗲𝗲𝘁 & 𝗘𝗮𝘁 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗹𝘂𝗻𝗰𝗵 provides a valuable opportunity for professionals to network and potentially generate new business opportunities.
The ticket price includes one starter, one main and a dessert. Limited seats. |
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EuroCham Events
As a member of the Spanish Singaporean Chamber of Commerce you are entitled to join Eurocham events under the "EuroCham Members and Supporting Organisations" fee: |
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Decarbonisation of Supply Chain & Tour of the DHL Innovation Center
Date: 11 April 2024
Time: 8:30 AM - 12:00 PM |
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This event aims to bring together industry leaders and experts to discuss and strategise ways to accelerate the adoption of green fuels and sustainable practices in supply chains. The event will focus on four key objectives: - Accelerating the deployment of scalable low-carbon technologies – insights into innovative solutions for energy-efficient vehicle design, renewable energy integration, and emission reduction strategies
- Lowering adoption barriers for zero-carbon and carbon-neutral fuels
- Exploring green certification, frameworks and strategies to measure and reduce the carbon emissions and enhance the resilience of complex supply chains
- Introducing innovative financing models to drive supply chain decarbonisation
The event will be followed by a 30-minute tour of the DHL Innovation Center.
Registration fee for SpanishCham members S$25.00
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Embedding Reduction of E-Waste in the Manufacturing Process: Harvesting for Reuse
Date: 16 April 2024 Time: 9:00 AM - 11:00 AM |
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The escalating annual generation of waste electrical and electronic equipment (e-waste) in the European Union (EU) and Singapore has emerged as a critical concern, representing one of the fastest-growing waste streams. This category encompasses a diverse array of devices, ranging from mobile phones, computers, and televisions to medical devices and photovoltaic panels.
During this event, participants will gain insights into e-waste management regulations from Singapore’s leading authorities in the field. Registration fee for SpanishCham members: S$25.00
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Corporate Philantropy: Embracing Needs-Based Innitiatives For Lasting Impact
Date: 17 April 2024
Time: 8:30 AM - 11:00 AM |
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Corporate philanthropy can be significant in fostering positive societal change. It’s important for corporations to acknowledge the diverse needs present in our communities and tailor their contributions accordingly, rather than merely following trends. The panel discussion aims to shed light on the importance of aligning corporate giving with societal needs, urging companies to actively engage in addressing pressing issues. By adopting a needs-based approach to philanthropy, businesses not only fulfill their social responsibility but also open doors to various benefits and opportunities.
Registration fee for SpanishCham members: S$25.00
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The energy transition in Singapore - Way forward and financing a more sustainable power sector.
Date: 18 April 2024
Time: 8:30 AM - 11:00 AM |
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The power sector in Singapore accounts for about 40% of the country’s carbon emissions. In light of Singapore’s 2050 Net Zero Target, reducing the power sector’s emissions will be critical to achieve this goal. However, this does not come without challenges.
Key topics to be covered are: - Understanding Singapore’s power sector and its decarbonisation plans
- The role of renewable energy importation and intraregional energy transmission
- Ways financiers, policymakers, and energy companies can enable the redirection of capital needed to transition to a decarbonised energy system
Registration fee for SpanishCham members: S$25.00 |
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| WELCOME OUR NEWEST MEMBERS |
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We are glad to welcome Europastry as new member of the SpanishCham. Europastry is a leader in the frozen bakery dough sector. For over 30 years, they have been offering the best bakery products, using the tradition of master artisans as their guide and innovation to develop the best products as their strategy. |
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EDP Renewables is a global leader in the renewable energy sector. The company has been awarded Phase 8 of the SolarNova program, a Singapore public tender to select a developer of distributed solar energy. The auction was jointly led by Singapore’s Housing and Development Board and Singapore’s Economic Development Board. |
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as new member of the SpanishCham.
Labelium is a digital marketing agency that specializes in helping businesses increase their online presence and drive sales through various digital channels. With a focus on search engine optimization (SEO), pay-per-click (PPC) advertising, and e-commerce solutions, Labelium offers strategic services to optimize clients' visibility and performance in the competitive digital landscape. |
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I CONCURSO LITERARIO DE LA ASOCIACIÓN ESPAÑOLA DE SINGAPUR La Asociación Española de Singapur ( AES) en colaboración con la Embajada de España en Singapur, con el propósito de estimular y reconocer la creación literaria española en el país y promover la expresión artística, convoca el I CONCURSO LITERARIO. |
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Economists raise Singapore’s 2024 growth forecast to 2.4%; expect lower headline inflation of 3.1%: survey |
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The latest quarterly survey of professional forecasters by the Monetary Authority of Singapore (MAS) offers insights into the economic outlook for Singapore in 2024. Private-sector economists have slightly adjusted their forecasts, with expectations for economic growth edging up and headline inflation moderating.
In the survey, economists projected a median growth rate of 2.4% for 2024, a marginal increase from the previous forecast of 2.3%. Notably, optimism grew concerning the manufacturing sector, while sentiments regarding accommodation and food services dimmed. Headline inflation expectations for 2024 decreased to 3.1% from 3.4%, with core inflation remaining unchanged at 3%.
The government's forecast for GDP growth in 2024 ranges from 1% to 3%, with inflation expected to be between 2.5% and 3.5%. The survey, which gathered responses from 23 out of 26 professional forecasters, reflects their individual perspectives.
Compared to the previous survey, economists adjusted growth expectations for various GDP components. Manufacturing is predicted to grow by 4%, with finance and insurance, as well as construction, also showing upward revisions. However, forecasts for wholesale and retail trade, as well as accommodation and food services, saw marginal declines due to cooling domestic labor market conditions.
Expectations regarding non-oil domestic exports and the overall unemployment rate remained unchanged. Looking ahead, while most respondents anticipate unchanged monetary policy in the upcoming policy meeting, expectations for policy loosening have shifted later into the year.
External growth remains a significant risk factor, with respondents wary of both downside risks, such as a global economic slowdown, and upside risks, such as better-than-expected external growth. Geopolitical tensions also loom as a concern. Despite cautious optimism, the global economic uncertainty suggests that growth improvements in 2024 may be fragile.
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Singapore key exports surprise with 0.1% fall in February despite electronics growth |
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In February, Singapore's non-oil domestic exports (NODX) dipped by 0.1% compared to the previous year, as reported by Enterprise Singapore. This contrasted with economists' median growth forecast of 4.7% and reversed the 16.7% expansion seen in the prior month.
The decline in non-electronics shipments offset growth in the electronics sector, partly due to the timing of Chinese New Year. Despite this, economists noted NODX remained healthy, with an 8.4% year-on-year growth in January and February, smoothing out Chinese New Year distortions.
Economists from Maybank, UOB, and DBS observed ongoing recovery and decent expansion compared to 2023. Notably, electronics exports rose by 5.2% year-on-year, while non-electronics shipments declined by 1.5%.
Although exports to top markets like Hong Kong, the US, and Indonesia expanded, those to other key markets declined. Overall, total trade grew by 3.5% in February, slower than January.
Despite challenges such as geopolitical tensions, economists remain cautiously optimistic about export recovery. Enterprise Singapore has upgraded its full-year NODX forecast, anticipating modest growth and a recovery in electronics.
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Singapore’s job vacancies rise to 79,800, while re-entry rate of retrenched workers falls in Q4 |
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In the fourth quarter of 2023, job vacancies in Singapore showed a slight increase, reaching 79,800 in December compared to 78,200 in September. This growth followed a six-quarter decline since March 2022. Higher-paying industries such as finance and professional services witnessed a rise in job openings. Specifically, vacancies in the financial and insurance sector rose to 7,200, and those in professional services increased to 6,200.
However, despite this positive trend, the re-entry rate among residents six months after retrenchment decreased to 61.5%. Nevertheless, this rate remained within the pre-pandemic range of 60 to 70%. The Ministry of Manpower (MOM) noted expectations for continued business restructuring and reorganization, potentially leading to higher retrenchments.
While the labor market is anticipated to see growth in certain sectors like finance and professional services, others such as manufacturing and wholesale may experience more subdued labor demand. Overall, labor market indicators moderated in 2023 compared to the recovery witnessed in 2022 post-pandemic. Total employment saw a moderate expansion, mainly driven by non-residents in construction and manufacturing, while resident employment growth was concentrated in financial and professional services.
Looking ahead, employment growth is expected to continue, with a focus on the non-resident workforce due to demographic factors like a slowing birth rate. Despite the economic recovery anticipated in 2024, the growth trajectory may be fragile, potentially impacting labor demand. Nonetheless, unemployment rates remained low and stable in December, with a seasonally adjusted resident long-term unemployment rate of 0.7%.
Retrenchments decreased in Q4, with 3,460 recorded compared to 4,110 in the previous quarter, driven by a decline in wholesale trade. Although the number of retrenchments for 2023 as a whole increased compared to the previous year, it was similar to pre-pandemic levels.
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