Italy and Singapore relations: best practices and new opportunities in Lombardy

On the sidelines of the official visit of President Tony Tan Keng Yam in Rome, a delegation of entrepreneurs will be received in Milan, during the event: “Italy and Singapore relations: best practices and new opportunities in Lombardy” organized and promoted by Confindustria Lombardia, Promos, Confindustria Monza e Brianza, Singapore IE agency and Singapore Manufacturing Federation. The event will be held at the Milan Chamber of Commerce Congress Venue, Palazzo Turati on Friday 27^th May. (form more information: www.promos-milano.it)

The initiative aims to present the data on commercial relations between the Countries and furthermore to deepen the business opportunities in Singapore and Italy, with a focus on Lombardy; a networking session will be held at the end of the conference, allowing all participants to discuss and debate, and to find business partners.

Singapore, presents a very developed economy, based on high added value manufacturing companies especially in the high-tech sector. The country business ecosystem stability is strictly connected with exportation, and in this context Italy, even if it is not the first commercial partner by value, could be considered a prime one. According to World Bank Doing Business Report, Singapore ranks 1 with 87.34/100 pts, above the regional average 61.47 pts on the ease of doing business; Italy score is 72.07/100 pts barely under the OECD countries average 77.27/100 pts.

Relations between Italy and Singapore are excellent thanks to the entry in 2012 into force of the Convention for the avoidance of double taxation together with an Additional Protocol (Law 31 August 2012, n. 157) and ratified by Italy and Singapore on 19.10.2012.

With an extraordinary positioning, the state of Singapore can be considered the door to the Asian continent. Indeed today Singapore is the first Europe business partner in ASEAN, whereas EU is the second one after Malaysia. OEC data show that Italy represents 1% of Singapore import with an amount of 3.47$ Bn: 29% of Italian export to Singapore are Machinery.

Form more information: www.promos-milano.it