ITA: ITALY IN SINGAPORE LOOKING FOR INVESTMENTS AND INNOVATION

The Seminar-Workshop ITALIAN INNOVATION DAYS has recently concluded in Singapore. The initiative was organized by the Italian Trade Agency (ITA), the Ministry of Foreign Affairs and International Cooperation, the Italian Chamber of Commerce in Singapore along with the local institutional counterparts of the Government of Singapore (IE Singapore) and the Singapore Manufacturer Federation.

The two-day event highlighted the importance, for the Italian entrepreneurship, of Singapore and the ASEAN countries in general. The meeting was opened by the Italian Under-Secretary of State for Foreign Affairs, Benedetto Della Vedova, and the Deputy Minister for Foreign Affairs of Singapore, Josephine Teo. The speakers – among others – included Michele Scannavini and Piergiorgio Borgogelli, President and General Director of the ICE Agency, respectively, Luigi Alberto Sangiovanni-Vincentelli of Berkeley University, Luciano Tommasi of ENEL, Michele Amedei of Unicredit.

The main goal of the event was to strengthen the Italian presence in Singapore, also by collaborating with foreign centers of excellence, to better relate to the local demand.

The program was marked by panel discussions and visits to specialized research centers, in the areas of new digital technologies and research, to enhance industrial activities in the fields of agriculture, forestry, mining and chemical industries. A busy agenda, including B2B meetings between more than 40 Italian participating companies and over 150 potential local counterparts, interested in Italian technology, to create contacts also with research centers in the country.

The ASEAN markets, ever more important and one of the strategic priorities set out by the Italian government for the next three years, are indeed a winning benchmark for Italian companies, due to the potential represented by a forecast population of almost 700 million in 2025, a current total GDP of $ 2.57 billion and a share of individuals under age 35 reaching 60%.

In the future, fostered by the Government program called “Industria 4.0” – aiming to support innovation and the high-tech sectors – digital commerce will be indispensable for the export growth. The Italian entrepreneurs should therefore continue along this path, which has seen significant progress over the last two years, particularly in the use of the most advanced technologies: today 40% of Italian companies employ robotic technologies, and investment in R&D grew by 30 %.

The future strategy of the ITA focuses on an ever growing involvement of the Italian companies in the new promotional projects for the attraction of foreign investments, with the support of the ITA FDI network around the world, which includes the recently opened unit in Singapore.