Trade dynamics between Israel and Singapore gained momentum as Israeli Minister of Economy and Industry, Nir Barkat, convened with Singapore’s Deputy Prime Minister Heng Swee Keat this Monday. This rendezvous underscored their collective ambition to magnify their economic relations and explore untapped trade dimensions.
Leading a potent Israeli business delegation, Barkat received a warm reception, manifesting the burgeoning significance of this bilateral bond. Deputy Prime Minister Heng, who is also the Coordinating Minister for Strategic Economic Affairs, expressed eagerness to embark on an Israel visit by year’s end.
The dialogue spanned a spectrum of topics from technological innovation to groundbreaking solutions within sectors like water, tourism, education, and medical research. Their shared vision for growth became palpable during a subsequent meeting with Israeli business representatives accompanying Barkat.
Highlighting the value Singapore places on Israeli innovation, Barkat stated post-meeting, “I welcome the opportunity to meet with Deputy Prime Minister Swee Kat Heng, and discuss with him ways to expand the business potential for Israeli companies in Singapore and Singaporean companies in Israel, to continue to develop the economic relations between the countries.”
Trade statistics from 2022 reflect this burgeoning partnership. The trade volume witnessed a significant ascent, touching $3.8 billion, registering a 67% growth from the preceding year. Israeli exports, predominantly machinery, optical, medical equipment, and transportation products, clocked in at $1.16 billion, while imports from Singapore stood at $2.1 billion.
Services trade, too, showcased vigor. Israel’s service imports from Singapore, predominantly sales, marketing, and computing services, amounted to roughly $150 million. Conversely, Israel’s service exports, encompassing realms like research, development, and computing, tallied close to $580 million.
The camaraderie between Israel and Singapore, tracing back to diplomatic ties established in 1969, is deeply embedded in mutual aspirations and intertwined economic trajectories.
Barkat’s recent Vietnamese visit bore fruit with the signing of a direct flight agreement between Hanoi and Tel Aviv, slated for an October inception, following a July free trade agreement with Vietnam. This solidifies Israel’s intention to intensify its regional economic presence.
Elucidating this broader vision, Einat Halevy Levin, president of the Israel-Vietnam Chamber of Commerce, recently spotlighted the potential of envisioning Vietnam as a nexus for Israeli enterprises within Southeast Asia.
Given these engagements and tactical moves, Israel’s economic narrative in the region appears poised for an illustrious chapter.
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