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Photo: Anthony McMahon
The global and pan-regional economies are changing rapidly. Immense progress is being made with the Trans Pacific Partnership (TPP) negotiations — the most substantial trade agreement ever conceived for the Asia-Pacific region. The ASEAN Economic Community (AEC) is slated to be established this year. And, several maturing technologies have converged to catalyse a transformation across Asia that will lead to a new, hyperconnected future. With these changes, new economic geographies are being formed. With this in mind, it is vital for business leaders in Singapore to consider new business models to ensure they remain competitive in this complex business environment.
Singapore's longstanding relationship with trade
With TPP, existing barriers are broken and borders are erased. This provides an opportunity for significant gains for businesses in Singapore as a better trade environment fuelled by the TPP promotes further economic integration of Singapore into the region.
Singapore has long been paving the way for regional trade partnerships. In 2004 Singapore political leaders negotiated the US-Singapore Free Trade Agreement (USSFTA). Due to this agreement the US has become Singapore's largest investor with a foreign direct investment of US$27.3 billion. Additionally, Singapore was at the helm of the P4 free trade agreement between Singapore, Brunei, New Zealand and Chile, which motivated the forthcoming TPP.
Due to Singapore's welcoming business environment, Singapore has thrived. Today Singapore is the focus of business activity in Asia and just last year Singapore was named the most open economy for international trade and investment by the World Economic Forum (WEF).
While it is certain that the TPP will provide the business community in Singapore with even more opportunities for innovation and growth, it is also certain that businesses will be met with an influx of fierce new competition, also looking to profit from the new opportunities at hand.
Connect your world on the cloud
So what are the implications for businesses in Singapore? For one, trade activity in Singapore will go up, for sure. In addition, businesses will have to contend with heightened complexity that comes with increased trade activity. Increased foreign competition, sudden surges in the volume of information and coordinating businesses activities across political borders are just some of the many challenges that will present new challenges to Singapore based companies.
To stay agile and competitive, businesses need to be able to manage and communicate with teams across borders, have visibility into business operations across geographies, and quickly extract insights from unprecedented amounts of data.
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