German Companies Eyeing ASEAN Market Using Singapore as a Gateway

With the Chinese economy slowing down, German companies are eyeing to expand their businesses in the ASEAN market by using Singapore as a gateway, Singapore’s Deputy Prime Minister prime Lawrence Wong said.

In a Facebook post on Tuesday, Wong said that he met several key German industry leaders over dinner on April 8, as part of his three-day visit to Germany. “There is growing interest among German companies to expand into ASEAN, and use Singapore as a gateway to the region,” he said.

Wong will also visit France for three days from April 10 to attend the inauguration of the new office of the Singapore’s sovereign wealth fund Temasek Holdings in Paris besides meeting the French President Emmanuel Macron and Minister of Economy, Finance, Industrial and Digital Sovereignty Bruno Le Maire besides meet Singaporeans living in France and industry leaders.

Wong also noted that there were more than 2,300 Germany companies in Singapore and the city-state welcomes the growing German presence and look forward to doing more together as partners. He also called on German President Frank-Walter Steinmeier in Berlin on Monday.

“We had a good exchange of views on how Singapore and Germany can navigate an increasingly complex world, as like-minded countries seeking to strengthen multilateralism and a rules-based world order,” Wong said.

He will also meet German Chancellor Olaf Scholz, Finance Minister Christian Lindner and have lunch with Vice-Chancellor and Economy Minister Robert Habeck. He will also attend a reception with overseas Singaporeans in Berlin.

Visit to France

Wong, who is also Minister for Finance, is on his first official visit to Europe in his current capacity. He is in Berlin from April 8 to 10, and will visit France from April 10 to 13. The visits will build upon Singapore’s warm, longstanding and multi-faceted ties with both countries.

German leaders have visited Singapore in recent years — Dr Steinmeier made a state visit in 2017 and a working visit in June 2022.

Olaf Scholz was in Singapore for an official visit in November 2022, during which he and Prime Minister Lee Hsien Loong issued a Joint Declaration titled “Partners for a Resilient and Sustainable Future.”

Germany is Singapore’s largest European Union trading partner, and total bilateral trade in goods and services exceeded $37 billion in 2023. Both countries are deepening co-operation in areas such as green and digital economies, clean and renewable energy, sustainability and cybersecurity.