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FM Szijjártó: Cooperation with Singapore benefits Hungary and the EU
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Cooperation with Singapore is beneficial for Hungary and the EU, with bilateral trade between the two countries likely hitting a record this year, and Singaporean companies showing increasing interest in investing in Hungary, the foreign minister said early on Wednesday.
The foreign ministry said in a statement that Péter Szijjártó met Mohamad Maliki bin Osman, the head of the Singaporean Prime Minister’s Office, and Grace Fu, the minister-in-charge for trade relations, on his visit to the city state. Szijjártó told journalists after the meetings that bilateral trade between Singapore and Hungary exceeded one billion dollars last year. This year also looked “promising”, with 24 Hungarian companies now approved to export pork and poultry there, he said.
Singaporean companies were showing increasing interest in investment in Hungary, Szijjártó said. One planned by household appliance manufacturer Dyson is expected to be announced within a week, he added.
“Singapore is the region’s most competitive country, one of the most open economies in the world and Hungary’s most important trade partner in south-east Asia, with most of the investments from the region coming to Hungary from Singapore.”
The closest possible cooperation with Singapore would also be in the European Union’s interest, and Hungary will make an effort to negotiate a digital trade agreement when it takes over the EU’s rotating presidency in July, he said.
Although the EU and Singapore signed an investment protection agreement years ago, only 16 states including Hungary have ratified it so far, Szijjártó said, adding that Hungary would use its presidency to encourage the other 11 countries to take that step, he added.
Dyson – the Singapore company? Oh yes! The owner, Mr. Dyson championed Brexit and the Vote Leave campaign “due to the economic opportunities it would bring to British industry” before moving his global head office from the United Kingdom to Singapore after the EU-Singapore Free Trade agreement was agreed:
https://trade.ec.europa.eu/access-to-markets/en/content/eu-singapore-free-trade-agreement
He also relocated (good for personal tax reasons) but ended up moving back his personal residence after quite the public uproar (hypocrisy, anyone).
The United Kingdom sought to emulate Singapore… Did not go so well. Also a reason why EU jurisdictions are a tad wary of Singapore as a “partner”:
https://en.wikipedia.org/wiki/Singapore-on-Thames
Fun fact – Singapore does not tax income earned outside its territory and is fairly relaxed about a company locating income and IP in tax havens, so potential future benefit, there.
Looks like the usual commenters never heard of Singapore and one of the most successful in the world-Hungary could not have better associated..what they have accomplisd is at another level.