Israel-Singapore talks focus on boosting trade

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Updated: August 21, 2023 3:30 PM IS

Tel Aviv (Israel), August 21 (ANI/TPS): Visit Singapore, Israeli Minister of Economy and Industry, nir barkat He met with Deputy Prime Minister Heng Swee Keat on Monday to discuss bilateral relations and trade.
Barkat heads a business delegation to the Southeast Asian country.
Invited to pay a reciprocal visit, Heng told Barkat that he intends to visit Israel by the end of 2023. Heng also serves as Coordinating Minister for Strategic Economic Affairs.
The main topics of discussion were technological innovation, support for entrepreneurship, research and development, medical research and solutions in the field of water, tourism and education.
After their meeting, the two held a joint meeting with the Israeli businessmen in the Barkat delegation.

“Israeli innovation is highly valued in SingaporeBarkat said. “I appreciate the opportunity to meet with Deputy Prime Minister Swee Kat Hengand discuss with him ways to expand the commercial potential for IsraelI companies in Singapore and to Singaporea company in Israelwith the aim of continuing to develop economic relations between countries.”
From 2022, the commercial trend between Israel and Singapore was on the rise, and in 2022, the volume of trade was about USD 3.8 billion, an increase of about 67 percent compared to 2021. The total of Israeli exports was USD 1.16 billion. Israeli Machinery accounted for 51 percent of exports, followed by optical, medical and other equipment (17 percent) and transport products (16 percent).
Total Israeli Imports were around USD 2.1 billion, mainly transport products (60 percent) and machinery.
Between Israel and Singapore there is also a branch of trade in services, with Israel importing from Singapore about USD 150 million, which included sales and marketing (37 percent) and computer services (27 percent), while Israel it exported services for USD 580 million, which included, among others, research and development (32 percent) and information technology (19 percent).
Israel and Singapore established diplomatic relations in 1969.
The visit follows Barkat’s visit to Vietnam, which signed a free trade agreement with Israel in July. On Wednesday, Barkat and his Vietnamese counterpart, Nguyen Hong Dien, signed an agreement for direct flights between Hanoi and Tel Aviv, starting in October.
Einat Halevy Levin, President of the IsraelThe Vietnam Chamber of Commerce told the Tazpit Press Service in July that a free trade agreement would also position Vietnam as a hub for Israeli business opportunities in Southeast Asia. (ANI/TPS)