BY CHRONICLE STAFF
"International Enterprise Singapore ... has ... stepped up efforts to identify priority sectors such as oil and gas, ports and logistics for Singapore companies in Latin America," Lim Hng Kiang, Singapore's Trade and Industry Minister, told the Latin Asian Business Forum last week (see Boosting Singapore-Latin Ties).
IE Singapore has already been directly involved in over 25 outgoing and incoming business and study missions between Singapore and Latin America the past year, benefiting some 300 local companies. By the end of the year, the agency hopes to facilitate at least 20 projects in Latin America generating overseas sales of about $150 million
Meanwhile, Singapore-based CrimsonLogic announced that it won a $2.9 million contract to build an electronic documentation system for the administration of the Colon Free Zone in
The new electronic system will give the Colon Free Zone Administration a 360° view of the movement of goods within the free zone and enables freight forwarders, customs brokers, importers and exporters to file all their documentation to the Colon Free Zone Administration and the Panama Customs electronically through the system, according to CrimsonLogic. "When fully operational, the electronic documentation system for the Colon Free Zone will give a further boost to
FELLOWSHIPS AND BUSINESS REPRESENTATIVE
"Understanding an overseas market and building a strong foundation require Singapore-based companies to learn and better understand their Latin American counterparts," Lim said. "The IBF – which will have access to 10 million
Meanwhile, Jose Antonio Rios - a widely-respected veteran of Latin American and international business - has been recruited to serve as IE Singapore's honorary business representative to promote trade, investment and related economic activities between
Rios is chairman of Global Crossing, a U.S.-based, but Singapore-owned telecom equipment company. Until recently he worked as international president for Global Crossing, where he spearheaded the company's successful international operations and expansion, including the $347 million Global Crossing acquisition of Argentina-based Impsat that concluded in May. Rios has also served in high-ranking positions in companies like Spain-based Telefonica, US-based DirecTV and Venezuela-based Cisneros Group of Companies.
LATIN COMPANIES TO
While the number of
"As an established finance and business hub in the region,
Brazilian companies like CVRD (the world's largest iron ore producer) and Embraer (the world's fourth-largest aircraft maker) have set up offices in
However, despite the impressive growth, Latin America still only accounts for 1.46 percent of
The Latin Asia Business Forum - an annual event organized the last four years by IE Singapore - this year attracted more than 350 business and government leaders from 16 countries. The forum provides updated briefings on Latin America for Asian companies and briefings on
"Networking is definitely a big part of it," says John Price, president of InfoAmericas, a consultancy that has participated in several of the forums. "It's well-regarded...There's nothing like it."
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