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Independent Singapore
16-06-2025
- Business
- Independent Singapore
Singapore deepens ties with Poland as trade booms under EU pact
SINGAPORE: Singapore and Poland confirmed their established alliance during a majestic State Banquet hosted by President Tharman Shanmugaratnam as a mark of respect for Polish President Andrzej Duda and First Lady Agata Kornhauser-Duda. According to the latest Singapore Business Review report, the event not only commemorated the continuing political bonds between the two countries but also set the stage for a new phase of alliance. President Tharman echoed the significant origins of the consensual relationship, dating back to the late 1960s, and highlighted the input of Polish architect Krystyn Olszewski. As lead planner of Singapore's primary land use strategy in 1971, Olszewski facilitated the shaping of the city-state's contemporary inner-city landscape, including the famous repositioning of Changi Airport. Trade, technology, and sustainability at the forefront Economic partnership was conspicuously highlighted in the deliberations, with trade between the two nations increasing by virtually 50% since the EU-Singapore Free Trade Agreement took effect in 2019. President Tharman extolled Poland's rise as 'one of Europe's most dynamic logistics hubs' and underscored Singapore's tactical engagement in the region, accentuated by PSA International's key venture in Poland's DCT Gdańsk container terminal. The alliance is also driving new prospects in cutting-edge manufacturing, offshore wind energy, and logistics, as Polish businesses view Singapore as a doorway to the Asia-Pacific market. Simultaneously, food security is receiving a boost, with Singapore authorising imports of Polish beef, poultry, and eggs, thereby expanding local shelves with a range of ordinary and luxurious Polish products. Academic and cultural partnerships for future generations More than economics and modernisation, cultural and educational connections have picked up speed. Leading Singaporean academies, such as Nanyang Technological University, the National University of Singapore, and the Singapore Management University, have signed agreements with six Polish organisations to enhance academic alliances and support student exchange initiatives. These programs aim to foster a shared understanding and promote the development of future generations of leaders, visionaries, and pacesetters from both nations. As Singapore and Poland look to the future, their collective devotion to collaborate on wide-ranging areas, from business to culture, signifies an auspicious route forward, formed through a shared reverence, historic bonds, and a collective dream for global advancement.
Yahoo
13-06-2025
- Business
- Yahoo
Capitalise on Poland's and Singapore's hub statuses: President Tharman
SINGAPORE - Poland and Singapore are hubs in their respective regions, and more can be done to explore business opportunities between them, said President Tharman Shanmugaratnam on June 12. He was speaking at a state banquet held in honour of Polish President Andrzej Duda and his wife, First Lady Agata Kornhauser-Duda, at Goodwood Park Hotel. Mr Duda is in Singapore on a three-day state visit from June 11 to 13. Poland is Singapore's 13th largest trading partner in the European Union. In 2024, total bilateral trade in goods stood at $1.7 billion. Bilateral trade in both goods and services has grown by almost 50 per cent since 2019, off the back of the EU-Singapore Free Trade Agreement. 'There is much more we can do to capitalise on each other's roles as hubs within our respective regions,' Mr Tharman said. He noted Poland's position as one of Europe's most dynamic logistics hubs, given its strategic location between Western and Eastern Europe, Scandinavia and the Balkans. 'Equally, a combination of brain power, hard work and entrepreneurship has made Poland one of the fastest-growing economies over the last quarter-century,' he said, adding that Singapore companies are starting to recognise this potential. He cited the example of port operator PSA International making a landmark investment in 2019 to jointly acquire 100 per cent in DCT Gdansk – the largest container terminal in Poland and the Baltic Sea region, and the company's first investment in Eastern Europe. Polish companies are already using the Republic as a springboard to the broader Asia-Pacific region, he added. 'We welcome them to explore opportunities in Singapore in areas like logistics, advanced manufacturing and offshore wind.' Mr Tharman also spoke of collaboration in areas such as food exports to Singapore, saying these represent a business opportunity for Polish producers and allow Singapore to diversify its supplies and 'enjoy a taste of Poland'. Poland has been approved as a source of beef, poultry and eggs by the Singapore Food Agency. He added that the countries' relations are 'anchored by strong people-to-people ties', noting that three Singapore universities have signed student exchange agreements with six Polish institutions. Mr Duda said Singapore has long been a key regional partner for Poland and a 'symbol of modernity, bold thinking and determination in action'. 'We admire Singapore's consistency in striving for excellence – in the economy, in education and in building a society based on the principles of tolerance, responsibility and discipline,' he added. 'Your success proves that the greatness of a country is not measured by its size, but by the wisdom of its people and the strength of its values.' Mr Tharman quoted a Polish saying that translates to 'grain by grain, the measure will be filled', meaning that a meaningful relationship will be built, step by step. He said: 'That epitomises the way we bring about our strategic relationship and the way we're going about our partnership as two countries. Your visit underlines our commitment to set higher ambitions for our partnership now and into the future.' After a visit to technology and engineering group ST Engineering earlier in the day on June 12, Mr Duda received a ceremonial welcome at Parliament House and made a courtesy call on Mr Tharman. Both presidents discussed the significant potential growth in ties between Singapore and Poland, said the Ministry of Foreign Affairs (MFA) in a statement. The discussion revolved around port and logistics development, agri-food exports to Singapore, as well as sustainable energy, digital trade, research and development, and education. The leaders also encouraged businesses to explore investment opportunities in each other's countries, and discussed global geopolitical and security developments. Mr Duda and First Lady Kornhauser-Duda also visited the National Orchid Garden on June 12, where a new orchid hybrid was named in their honour. On June 13, Mr Duda will meet Prime Minister Lawrence Wong and attend the Singapore-Poland Business Forum. The forum is jointly organised by the Embassy of the Republic of Poland, the Polish Investment and Trade Agency, and the Singapore Business Federation. This is Mr Duda's first visit to the Republic since taking office in 2015. His second five-year term as president concludes in August. A new Polish president is set to take office in early August, after historian Karol Nawrocki won the Polish presidential election on June 2. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Business Times
23-04-2025
- Business
- Business Times
PSA weighs selling 20% stake in CK Hutchison's ports business: sources
[SINGAPORE] PSA International is exploring the sale of its 20 per cent stake in CK Hutchison's ports business, two people with knowledge of the matter said, joining the Hong Kong conglomerate in its controversial plans to sell. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80 per cent holding in the business which includes two ports along the strategically important Panama Canal to a BlackRock-led consortium. The holding has an equity value of US$14.2 billion. US President Donald Trump hailed the deal as a 'reclaiming' of the canal. Chinese state media, however, have criticised it as a betrayal of China's interests and the country's market regulator has launched an antitrust review. Whether PSA, a ports operator wholly owned by Singapore state investor Temasek, ultimately decides to sell will depend on whether CK Hutchison goes ahead with the transaction, the two people said. CK Hutchison and the BlackRock-led consortium have agreed to exclusive talks for 145 days. The people, who were not willing to be identified due to the sensitivity of the issue, declined to comment on a potential sale price for PSA's stake. PSA declined to comment. CK Hutchison did not immediately respond to a request for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The deal between CK Hutchison and the BlackRock consortium encompasses 43 ports in 23 countries. The business has an enterprise value, which includes debt, of US$22.8 billion. Overall the Hong Kong conglomerate has interests in 53 ports. Ports in Hong Kong and mainland China were not included in the deal. PSA bought its 20 per cent stake for US$4.4 billion in 2006 and has looked at selling previously. Reuters reported in late 2022 that PSA weighed a potential sale. But the two sources said it put the process on hold months later after global shipping activity weakened. Outside of its stake in CK Hutchison, PSA has 70 terminals in 45 countries, including its two flagship ports in Singapore and Belgium, according to its website. REUTERS
