HMTC Natalie Black's end of year message to members

Extract from the British Chamber of Commerce Singapore Membership Directory 2021/22, available now to download

Well, it’s been another extraordinary year. As 2021 draws to a close, I am heartened by positive signs in Singapore of the green shoots of recovery from the impact of Covid-19 and optimistic for the year ahead.

Last month I was able to travel to London to attend our Global Investment Summit alongside leading investors, including Singapore’s GIC. It was my first time using the Vaccinated Travel Lane and I am grateful to the British Chamber for its advocacy efforts to help reopen what we know is a critical route for families and businesses.

I am full of admiration for the resilience, innovation and perseverance shown by the British business community here, and across the continent, in the face of severe disruption to lives and livelihoods.

Despite the challenges, it has been a productive year of collaboration between the Chamber and our trade and investment team in Singapore. Key highlights include the Northern Powerhouse tech-focussed virtual trade mission, connecting UK maritime companies with Singapore’s shipping industry and supporting West Midlands businesses to access Singapore’s food and drink, education and healthcare sectors. 

My role as Her Majesty’s Trade Commissioner representing teams across 15 markets in Asia Pacific is to create opportunities for UK businesses in some of the world’s fastest growing and most dynamic economies. Last year alone, UK trade with Asia Pacific exceeded £90 billion, and we are focussed on growing this.

In March, the Government published its Integrated Review, a framework for the UK’s international priorities for the 2020s. The Review identifies the Indo Pacific as a top priority, and the UK is committed to delivering on the long-term ambition to be the European partner with the broadest and most integrated economic, security and diplomatic presence in this region.

In close collaboration with UK businesses, we are building successful trade routes, with a particular focus on digital and services, we’re driving an exports-led recovery and we’re boosting investment to every part of the UK.

Championing Free and Fair Trade

The UK continues to make great strides in securing deals that make it easier for companies and partners to collaborate and do business in the region.

The UK-Singapore Free Trade Agreement came into force in February 2021. It has ensured continuity in trading arrangements between two of the world’s most enterprising and technologically advanced countries.

In August, the UK became the first new Dialogue Partner to the Association of Southeast Asian Nations (ASEAN) in 25 years – opening a new chapter of economic cooperation and sustainable development.

The UK’s progress towards Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) membership will present further exciting prospects. In September we kick-started our talks to join this global trade bloc worth £9trn in GDP, which is home to 500 million people.

We are in the process of finalising new FTAs with Australia and New Zealand – having reached agreement in principle - and realising the potential of those already in place with Japan, Singapore, South Korea and Vietnam.

In the months and years ahead, we want to ensure British employers maximise the benefits from these trade routes, exchanging products, innovation and capital.

The Digital Opportunity

ASEAN’s digital economy is projected to hit a colossal $1trn by 2030. Since the Covid-19 pandemic started, 60 million new digital consumers have been added to a total digital consumer population of 350 million.

We have long succeeded through openness to new opportunities. That is why the UK is the foremost place in Europe to invest in technology and home to the third largest number of tech unicorns in the world.

We are closing in on a cutting edge deal with Singapore on the UK’s first Digital Economy Agreement. It will establish clear and harmonised interoperability rules and create easier access for exporters to overseas markets.

Our Asia Pacific Digital Trade Network is fully operational in its second year and charting new tech frontiers. It connects businesses to boost the digital innovation which will improve people’s daily lives. We have a network of digital trade experts on the ground in Thailand, Singapore, Indonesia, Japan, South Korea, and Australia to provide market intelligence, policy insights and nurture the next generation of scale ups. 

Leading the global green industrial revolution

In the final months of 2021, the UK hosted two landmark global events, rolling out the green carpet for our inaugural Global Investment Summit and COP26 in Glasgow.

It is clear that the global economy of the future is going to be a low carbon economy. And green investment will be the catalyst for the innovation to make it happen.

The UK is determined to be Asia’s partner of choice to tackle climate change and support the transition to clean growth. Together we can accelerate the industries of the future, from renewable energy and zero-emissions vehicles to green finance and infrastructure.    

Looking ahead

There is no doubt the centre of gravity in the global economy is moving East. Almost 60% of the world’s high-income earners are set to be in Asia by 2030. That means more consumers who want to buy goods and services from the UK, whether it’s technology, financial services, or high-quality manufactured goods.

From April 2022, British Embassies and High Commissions in Asia Pacific will deliver trade support services to UK SMEs in-house. The Chamber will continue to be a valued partner in this new model and for the wider benefits and services it offers to members.  

My team across the region is here to support you and your business alongside our network of partners – including the British Chamber of Commerce – and we look forward to seizing the opportunities of the future together in a hugely competitive part of the world.