Norway and Singapore Strengthen Business Ties

An overwhelming 88 percent of Norwegian companies operating in Singapore are predicting high growth in business relations between the two countries according to a recent survey carried out by the Norwegian Business Association Singapore which also showed that the businesses are concerned about rising costs.
As Singapore’s sixth largest foreign investor, Norway produced S$7.9 billion worth of direct investments in 2005.
Tofinn Kildal, President, Kongsberg Maritime, said, “We have just seen the start of the regional business. I think the Asia Pacific will be the next centre of growth for the Norwegian industry here in Singapore, and also further north in China, India and Korea.”
Currently the 150 Norwegian companies in Singapore are mainly in the shipping, marine and offshore sectors – tapping into growth opportunities in the booming shipping market.
In the survey, they also expressed concerns about rising costs – for both office rentals and manpower.
Erik Borgen, President, Norwegian Business Association Singapore, said, “The survey shows that people are concerned about the rising costs, but on the other hand if you ask them if they are considering other locations, very few of them are doing so.”
Norway now ranks as the fourth European investor in Singapore, coming in behind the UK, the Netherlands and Switzerland.

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