Singapore can facilitate new trends in cross border trade: Lim Hng Kiang

SINGAPORE — Recent macroeconomic developments have given rise to new trends in cross border trade and Singapore can play an important role to facilitate these activities, Minister for Trade and Industry Lim Hng Kiang said today (April 22).

One of the trends Mr Lim highlighted is the increased adoption of online business-to-business (B2B) trading platform, which help to improve efficiencies by providing better price and product discovery.

"To support these international transactions, these platforms are increasingly looking to collaborate with alternative financiers to establish effective trade finance solutions," Mr Lim said in a keynote address at the ICC Banking Commission Annual Meeting.

"Given our established customs and logistics infrastructure, Singapore can play an important role in providing innovative, e-fulfilment solutions to facilitate such trade flows."

And with global commodity traders such as Vitol, Wilmar and Trafigura taking greater control of trade flows by investing in both upstream and downstream assets, there is increased demand for trading professionals with deep knowledge in these areas.

To fill the talent gap, Singapore has invested in initiatives to equip the workforce with relevant skills.

One of the latest developments include the establishment of the ICC Academy global headquarters here. The academy is expected to train more than 5,000 people annually in the area of trade finance.

"Our commitment towards talent development further enhances Singapore's appeal as a global trading hub," Mr Lim said.