Singapore, Netherlands mark 60 years of diplomatic relations with new partnerships

Key Concepts:

• Singapore-Netherlands Diplomatic Relations (60 years)
• Strategic Partnerships
• Green and Digital Shipping
• Global Innovation Alliance (GIA)
• Semiconductor and Tourism Industries
• Electrification
• Autonomous Vehicles
• Network Effect
• Internationalization

Singapore-Netherlands Partnerships & Diplomatic Relations

• Singapore and the Netherlands are celebrating 60 years of diplomatic relations, marked by new partnerships between companies from both countries.
• Minister-in-charge of Trade Relations, Grace Fu, emphasizes Singapore's commitment to growing these partnerships by leveraging its strategic location.
• The Netherlands is now Singapore's second-largest investor within the EU and the second-largest investment destination for Singapore.
• Initiatives like the Singapore-Netherlands Green and Digital Shipping Corridor and the Global Innovation Alliance (GIA) nodes in the Netherlands (e.g., Ocean and Bishan To Highness Solutions) are fostering collaboration in areas like sustainable shipping and non-manufacturing, including mobility solutions.

Business Partnerships and Examples

• Five business partnerships have been launched across the semiconductor and tourism industries.
• One example is a tie-up between Double Take, a local Singaporean software company, and a Dutch travel app, First.
• This partnership allows both companies to increase their reach and access by leveraging each other's technologies.

Case Study: Durapower

• Durapower, a Singaporean battery manufacturer, expanded to the Netherlands a decade ago, aligning with the European push for electrification.
• Initially, they focused on powering electric buses and trucks.
• Currently, they also supply batteries for autonomous vehicles at the Port of Rotterdam, as well as screens and marine vessels.
• According to a Durapower representative, setting up a business in the Netherlands was efficient, with minimal challenges related to registration.
• Durapower received significant support from the Netherlands Foreign Investment Agency (NFIA) and Enterprise Singapore, which facilitated their expansion.
• The Netherlands serves as a business-friendly gateway for Durapower, enabling them to create a network effect for further expansion into other parts of Europe.

Case Study: BHS

• BHS, a homegrown Singaporean engineering solutions firm, marked its first step into Europe by moving to the Netherlands last year.
• This move brought them closer to clients and provided deeper market access.
• BHS hopes to support other internationalizing companies moving out of the Netherlands and expanding to countries where they already have offices.
• BHS received regulatory and migration support from the Netherlands Foreign Investment Agency (NFIA) and Enterprise Singapore, which they consider crucial for businesses expanding into the Netherlands.

Support and Facilitation

• Both Durapower and BHS highlight the crucial role of Enterprise Singapore and the Netherlands Foreign Investment Agency (NFIA) in facilitating their expansion into the Netherlands.
• These organizations provide regulatory, migration, and general business support, making the process more efficient for Singaporean companies.

Conclusion

The strengthened diplomatic relations between Singapore and the Netherlands are fostering strategic partnerships across various industries. The Netherlands serves as a key gateway for Singaporean companies looking to expand into Europe, offering a business-friendly environment and access to a broader market. Support from organizations like Enterprise Singapore and the NFIA is instrumental in facilitating this expansion, particularly in sectors like sustainable shipping, electrification, and technology.