Poland-Singapore Business Forum - Ms Grace Fu

Introduction

1. Dzień dobry. It is a pleasure to join you at today’s Poland-Singapore business forum, organised on the occasion of His Excellency President Andrzej Duda’s State Visit to Singapore.

2. The theme of today’s business forum on achieving economic success in turbulent times is most apt. As we face a volatile trade and geo-political environment, it is especially important for like-minded partners such as Singapore and Poland to exchange perspectives and create opportunities for mutual growth.
   

3. I would like to thank the Embassy of the Republic of Poland, the Polish Investment and Trade Agency (PAIH), the PAIH Foreign Trade Office in Singapore (ZBH), and the Singapore Business Federation (SBF) for organising today’s forum. 
   

Growing Singapore-Poland economic relations

4. Poland and Singapore share robust and growing bilateral economic relations, anchored by the EU-Singapore Free Trade Agreement (EUSFTA). Since the EUSFTA’s entry into force in 2019, our trade in goods has grown by 50%, reaching a high of nearly S$1.7 billion in 2024. Our trade in services has also increased by 50%, amounting to nearly S$700 million in 2023. 
   

5. In tandem, the interest of Singapore companies in Poland has also grown, with Singapore companies such as PSA International and Seatrium investing in Poland to tap its strengths in logistics and connectivity. In August 2024, PSA International invested in Loconi, one of Poland’s largest intermodal operators. This move builds on its earlier investment in the Baltic Hub, Poland’s largest container terminal. Seatrium has been supporting the development of electric hybrid vessels and contributing to Poland’s green transition through its subsidiary, LMG Marin. 
   

6. I am glad to see the strong interest and representation from Polish businesses in today’s forum. There are now 170 Poland companies operating in Singapore, including technology companies such as Lingaro, CShark, and RTB House who have set up their regional offices here. I look forward to welcoming more Polish businesses to tap on our networks and capabilities to seize opportunities in Singapore and the region. Amidst a more turbulent global environment, Singapore remains a reliable partner for companies looking to diversify and strengthen their resilience. 
   

Strengthening rules-based trade as a way to economic success

7. On today’s topic on reaching economic success in turbulent times, I would like to make two suggestions. Firstly, like-minded partners should further strengthen the rules-based trading system and give businesses greater clarity and certainty by building a robust architecture of economic agreements. Last month, I had the pleasure of signing the EU-Singapore Digital Trade Agreement (EUSDTA) with EU Trade Commissioner Maroš Šefcovič. 
   

8. The EUSDTA will allow Singapore and Poland companies to transact and operate more seamlessly between Singapore and the EU’s digital markets. It also gives companies legal certainty and clarity on their digital transactions, enabling greater confidence to build partnerships and seize opportunities across borders.
   

9. On this note, I would like to express my appreciation for Poland’s strong support for the EUSDTA during your Presidency of the Council of the EU. I look forward to the deepened digital connectivity between Singapore and Poland when the EUSDTA enters into force, and the new opportunities that it will open for our businesses.
   

10. I also greatly welcome the Polish government’s efforts towards ratifying the EU-Singapore Investment Protection Agreement (EUSIPA). The EUSIPA provides our companies greater certainty on the treatment of their investments and offers them more robust investment protections. Once in force, it will give Singapore investors greater confidence to leverage Poland’s strategic location between eastern and western Europe, Scandinavia and the Balkans. Conversely, Polish investors will have greater assurance as they use Singapore as a base to access opportunities in Southeast Asia.

Deepening collaboration as a way to economic success

11.  Secondly, creating new avenues for growth and innovation is another important way to economic success. Singapore and Poland have complementary strengths and needs in sectors such as food and digital technology, creating scope for new partnerships.

12. On food, Poland is known for its strong agriculture and food processing sector which offers quality food products. During the COVID-19 years, Poland doubled its export of food to Singapore as we searched for new sources to strengthen our food security. Now that the Singapore Food Agency has approved Poland as a source of frozen and processed poultry, in addition to eggs and pork, it presents new opportunities for collaboration between Polish exporters and Singapore importers. Polish companies can also produce food products specifically for the Southeast Asian and the wider Pan-Asian markets.
    

13. On digital technology, Poland has a large fintech and e-commerce sector with interest to incorporate innovative technologies such as AI, analytics, and integrated payments. With Singapore’s robust digital infrastructure and strong support for innovation, Singapore companies are well-placed to provide such digital solutions. For example, Singapore fintech company M-DAQ worked with the Warsaw Stock Exchange on a multi-currency trading solution to help international investors and brokerage firms manage their Polish portfolios more effectively. Singapore and Poland companies can also embark on technology co-innovation projects to develop new services, through platforms such as the Eureka Eurostars and Eureka Clusters co-innovation calls.

Conclusion

14. To conclude, I would once again like to extend my appreciation to the Embassy of the Republic of Poland, PAIH, ZBH, and SBF for organising today’s forum. By bringing together Singapore and Poland companies to exchange ideas, this forum marks an important step towards catalysing new partnerships, and towards continued economic success for Singapore and Poland.

15. Dziękuję, and I wish you a fruitful discussion. Thank you.