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MAS Managing Director, Mr. Ravi Menon. already declared that 2013 had been the productive year with lots of cooperation initiatives between Singapore and China- The excellent relations between MAS and the central bank and their regulatory counterparts in China only cemented ties between the two countries. putting Singapore in a position to promote RMB for long-term trade and investment in the future. QUESTIONS 1. 4. Discuss why and how the Singapore government promotes the intemational trade process. 2. Why is free trade so vital to Singapore's survival and growth? 3. Singapore has a highly developed trade-oriented market economy and its economy has been ranked as the most open in the world. What has been the government's role in achieving this feat? Why do multinational corporations (MNCs) find Singapore an attractive place to do business? CASE 2 DOING BUSINESS IN SINGAPORE The government of Singapore offers a pro-business environment and Singapore is places 1"t in the World Bank's global ranking index for "Ease of Doing Business\" and \"Trading Across Borders\". To achieve this, the Singapore government has created a robust ecosystem to promote international trade and investments through its various ministries and agencies or statutory boards. For instance, the mission of the Ministry of Trade and Industry (MTI) of Singapore is to promote economic growth and create jobs, so as to achieve higher standards of living for its citizens, protecting Singapore's international trade interest, in particular, with a view to enhance access to global markets for goods, services and investments; and providing good understanding of the current state of and outlook, for policy formuiation and refinement. These strategies are derived from Singapore's general philosophy of economy management strong adherence to a free market economic system, and active pursuit of outward-oriented economic policies. Its vision is to develop a globalized, entrepreneurial and diversified economy to turn Singapore into a leading global city. MTI overseas then statutory boards including the Singapore Economic Development Board (EDB). The EDB is the lead government agency that plans and executes strategies to enhance Singapore's position as a global business centre and grows its economy. Its "Host to Home\" strategy aims to move Singapore from being a host to companies to becoming a home where global business, innovation, and talent are nurtured. EDB's consistently result-oriented initiatives are testament to Singapore's governmental influence on trade. The following are examples of some global companies that leveraged good government policy to expand their Asia wide presence in Singapore. Siemens Medical Instruments As one of the world's leading manufacturers of digital hearing instmments utilizing the latest microelectronic technology, Siemens established the operations of Siemens Medical Instrument (SMI) in Singapore in 19?4. Ever since, their research department has grown into a full-fledged RaD centre taking advantage of the robust growth and market opportunities in Asia that new homes a fast rising ageing population (presently 207 million, estimated to cross million by 2050) and middle class. These factors prompted Siemens to boost it investments in research and deveiopment by 10 percent in 2013. Siemen's long term investment in and dedication to the region is testament to Singapore govemment's growing role as a strategic partner with leading companies, to achieve visionary growth. Trina Solar Similarly in 2011, Trina Solar, one of the world's leading photovoltaic (PV) companies, established its Asia Pacific operating headquarters in Singapore to strengthen its growing presence and customer base in Asia after it sealed a research agreement with the Solar Energy Research Institute of Singapore to develop high efficiency solar cells using Trina Solar's mono-crystalline wafers. The Singapore government through its energy agency Energy Innovation Programme Office (EIPO) created an investment environment that fostered the development of a skilled talent base and strong logistics infrastructures, these made it strategically advantageous for Trina Solar's regional R&D centre as it developed new solar technologies and application to meet the demands for clean energy expected to be fuelled by Asian markets. Rolls-Royce Since its entry into the country in the 1950s, Rolls-Royce has become a major player in Singapore's aerospace industry, accounting for over 15 percent of Singapore's aerospace output. A world leader of power systems and services, Rolls-Royce is anticipating strong growth in its operations in Asia achieved through joint ventures with key local industry partners including Singapore Airlines Engineering and activities in the energy ad marine sector. The Singapore government has been a strong partner of growth for Rolls-Royce and the country is a leader in aerospace maintenance, repair, overhaul, aviation, manufacturing and R&D in Asia. According to Jonathan Asherson, Regional Director, Rolls-Royce, the company has also benefited from the valuable business opportunities, excellent talent pool, and solid infrastructure that Singapore offers. Procter and Gamble Procter and Gamble of P&G's market capitalization is more than the GDO of many countries and it markets its products in over 180 countries. It is the largest household and personal care company in the world, and it brands include some of the world's best known names such as Gillette, Pampers, Pantene, Oral-B, and SK-II. The Asia Pacific headquarters for P&G's operations in Singapore carries out brand and business management activities like manufacturing, marketing, supply-chain management, research and development, finance and talent development across the region. Singapore is also home to P&G's Asia Leadership Development Centre. P&G leveraged on the strong research capabilities in Singapore through an agreement with Singapore's government Agency for Science, Technology and Research (A*STAR). In 2011, P&G invested US$192 million to build a mega innovation centre in Singapore. Deborah Henretta, Group President, Asia, P&G remarked that Singapore embodies the essence of what successful companies look for: commitment to innovation, world-class infrastructure, business-friendly environment, excellent local talent and an agility to work as partners in progress.Unilever Another leading global supplier of fast moving consumer goods (FMCG) with a presence in more than 150 countries is Unilever. Parent to the world's best known brand such as Lipton, Wall's, and Dove, Unilever deals products in nutrition, hygiene and personal care reaching out to a wide range of customers. Established in Singapore over 50 years ago, Unilever Singapore has since emerged as a strategic global hub for Unilever, and is home for several key members of its senior leadership team. Through Four Acres Singapore, its new global leadership development center, Unilever will access the Singapore EDB's LINK (Leadership, Initiatives, Networks and Knowledge) ecosystem to provide executive talent development and leadership programmes with business schools and corporate partners. Paul Polman, CEO of Unilever recognizes that Singapore's evolved business infrastructure, excellent human capital, connectivity, and strong base for supporting industries combined with the support provided by the Singapore Government make it an ideal regional business hub. Dell Since 1984, Dell has pioneered technologies and innovations as the front-runner in the computer industry that sells custom-built computes directly to customers. Dell currently operated its Asia Pacific headquarters in Singapore using this cosmopolitan market and strategic location as a test bed for its services and solutions in Asia. Dell opened its first design center in Singapore in 2005 to boost company's R&D capabilities in display and imaging products. It further added its Dell Singapore Solution Center (DSC) in 2011, tapping into the country;s large pool of infocomm industry professionals and highly proactive government agency, the Infocomm Development Authority of Singapore (IDA). Amit Midha, President of Dell Asia Pacific and Japan, points to the fact that Singapore"'s robust ecosystem, pro-business environment, geo-political landscape and high-technology infrastructure enables Dell to bring the benefits of technology solutions to customers in the Asia Pacific Region Mitsui Chemicals Mitsui Chemicals (MCI) is one of the largest chemical companies in Japan. In Singapore, its business include manufacturing plants, R&D facilities, and sales offices. MCI subsidiaries in Singapore are Mitsui Chemicals Asia Pacific Lid, Mitsui Phenols Singapore Pte Lid, and Mitsui Elastomers Singapore Pte, Lid. The company has invested over US$600 million to expand its operations in Singapore since the 1980s including phenol, bisphenol, and Tafmer plants. MCI's Asia Pacific Headquarters in Singapre also provides suppot in sales and marketing, technical, logistics and business functions. In 2011, it opened its R&D Center (MS-R&D) working closely with its Singapore government agency partner A*START and research institutes. Mr. Yasushi Nawa, Managing Director of Mitsui Chemicals Asia Pacific, commented that Singapore's pro-business government policies, talented and hardworking workforce and top infrastructures have enabled MitsuiChemicals to look to the country as a launch pad for its growth strategies in the Asia Pacific region. CHINA-SINGAPORE COOPERATION INITIATIVES As part of an ongoing effort by Singapore's government to influence and facilitate international trade, the monetary Authority of Singapore (MAS) has developed new initiatives to influence and support trade. Singapore and China have agreed on new initiatives to strengthen cooperation on financial sector development and regulation. The new initiatives will further promote the international use of the Renminbi (RMB) through Singapore. China will extend its Renminbi Qualified Foreign Institutional Investor (RQFII) program to Singapore, with an aggregate quota of RMB 50 billion. This will allow qualified Singapore based institutional investors to channel offshore RMB from Singapore into China's securities markets. RQFII licence holders may also issue RMB investment products to the broad pool of investors in Singapore, using the RQFII quota. The RQFII program will help to diversify the base of investors in China's capital markets and promote adoption of the RMB for investment. Singapore will be given consideration as one of the investment destinations under the new Renminbi Qualified Domestic Institutional Investor (RQDII) scheme. This will allow qualified Chinese institutional investors to use RMB to invest in Singapore's capital markets. The measure will help to broaden the universe of assets available to Chinese investors as well as the investor base for Singapore's capital markets. China and Singapore will introduce direct currency trading between the Chinese Yuan and Singapore Dollar. New measures will allow cross-border flows of RMB between Singapore and Suzhou Industrial Park (SIP) as well as Tianjin Eco-City (TEC). In addition, Singapore and China have agreed on and announced measures to strengthen regulatory cooperation. Relevant agencies are in discussions to facilitate China-incorporated companies which have received regulatory approval to list directly in Singapore, instead of through entities incorporated outside China. Furthermore, the Singapore Exchange and Shanghai Futures Exchange have signed an MOU to strengthen collaboration in the joint development of commodity derivatives. The Singapore and Chinese governments have also agreed to strengthen cooperation in banking regulatory issues, through exchanges and dialogs on topics of shared interest, and enhanced coordination on international regulatory issues. These new initiatives build on agreements concluded earlier this year, including the signing of the MOU on RMB Business Cooperation between the Monetary Authority of Singapore (MAS) and the People's Bank of China (PBC), and the enhancement of the bilateral swap agreement between the two central banks, which paved the way for the launch of RMB clearing functions in Singapore in May this year (2013)