‘Singapore among Poland’s key partners’: FM

Polish Foreign Minister, Jacek Czaputowicz, who started a visit to Singapore on Wednesday, met his Singaporean counterpart Vivian Balakrishnan on Thursday to discuss economic cooperation, with special emphasis on bilateral trade and investments.

“Singapore is one of Poland’s key partners in South-East Asia, with which Poland wants to develop bilateral trade,” Minister Czaputowicz was quoted as saying in a foreign ministry communique.

Polish-Singaporean trade does not exceed USD 1 billion (EUR 897.63bn), but Polish food has been growing popular in Singapore.

Minister Czaputowicz emphasised that Singapore “is a reliable partner”, and added that Poland “appreciates transparency and competitiveness of the local market.”

He also encouraged his interlocutor to get acquainted with a rich offer of Polish agri-products and services, and pointed to the possibility of cooperation in advanced and innovative technologies, including IT, start-ups and FINTECH − technology used to support or improve financial services.

Singaporean Minister Balakrishnan declared that Singapore wanted to increase its imports from Poland, and admitted that Polish foodstuffs were growing very attractive in Singapore.

Singapore − one of the Four Asian Tigers that underwent rapid industrialisation and witnessed high growth rates − is a highly developed free-market economy.

The island city-state’s economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates and has the third highest per-capita GDP in the world in terms of Purchasing Power Parity.