EU Business Avenues to Bring European Expertise to ASEAN
The European Union (EU) launched the EU Business Avenues in South East Asia (ASEAN) programme on June 15 to assist European Small & Medium Enterprises (SMEs) to tap onto potential business opportunities in the fast-growing region.
Built upon the successful EU Gateway model of matchmaking and business support services, this EU-funded initiative aims to forge long-lasting business collaborations in South East Asia. The newly launched programme will focus on facilitating 20 targeted week-long business missions for up to 1,000 European SMEs across a range of sectors in South East Asia over the next five years.
Dr Michael Pulch, EU Ambassador to Singapore, said: “South East Asia is a region that presents tremendous untapped potential for European businesses, given its fast growing middle class, skilled and literate working-age population that can support business demand as well as provide a suitable base for production facilities.
“I am confident that collaborations enabled by the EU Business Avenues in South East Asia programme will prove to be mutually beneficial for both European SMEs and their South East Asian partners; the EU companies possess the technological and business know-how that can further develop and enhance key economic and infrastructural industries in the region.”
Mr Teo Siong Seng, Chairman of the Singapore Business Federation (SBF), echoed similar positive sentiment. “The EU plays a vital role in our trade, investment and the global economy. Having witnessed the progress achieved through working together during the pilot phase, we’re delighted to continue with our support in this new five-year programme. The EU Business Avenues in South East Asia initiative will bring about more opportunities and investments that will benefit the region and local businesses.”
On this occasion, the EU Delegation to Singapore will also launch the 2016 edition of the EU-Singapore Trade & Investment Report and the latest data reaffirms the EU as Singapore’s most important trade partner. The 2016 Report outlines key global and regional developments and provides the latest trade and investment data for both EU-Singapore and EU-ASEAN. The 2016 Report can be found at the Delegation’s website here: http://eeas.europa.eu/delegations/singapore/eu_singapore/trade_relation/index_en.htm
The EU Business Avenues in South East Asia programme provides a comprehensive suite of dedicated services covering business, cultural and legal needs: Market Studies, Business Culture Awareness Training and Business Meetings – all of which, are expected to facilitate collaboration with local players, in the form of joint ventures, distributorships or licensing agreements, to smoothen and speed up the process of entry into local markets. The programme’s partners in Singapore include the Singapore Business Federation, the National Environment Agency, the Sustainable Energy Association of Singapore, national water agency PUB and IE Singapore, amongst others.
Following the completion of a successful pilot programme to Singapore, Malaysia and Vietnam in 2015, the expanded programme will now cover three additional markets: Indonesia, Philippines and Thailand.
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