Singapore’s trading hub status supported by strong ecosystem: Iswaran

SINGAPORE — Eight out of 10 of the world’s leading commodities trading companies have a presence in Singapore, and the Government will continue to strengthen the ecosystem to maintain its status as a leading trading centre for commodities, said Mr S Iswaran, Minister for Trade and Industry (Industry).

Speaking at the Global Trader dialogue organised by trade agency International Enterprise (IE) Singapore on Thursday (May 18), Mr Iswaran noted that despite the “challenging operation environment” and “market uncertainties”, the Republic’s commodities trading sector remains resilient.

Highlighting the development of innovative technologies, such as home-based AgroGo.com’s world’s first business-to-business online marketplace for agricultural commodities and trading, Mr Iswaran encouraged industry players to “leverage disruptive technologies” to create value and business opportunities.

“The region’s rising affluence and urbanisation will see an increase in demand for oil products, (liquefied natural gas), steel and agri-commodities,” said Mr Lee Ark Boon, chief executive officer, IE Singapore, in a statement.

To further support the commodities sector’s development needs, more Singaporeans will be trained with “market-ready” skillsets for the industry. To this end, the International Trading Institute at the Singapore Management University and the International Trading Programme at the Nanyang Technological University were created in 2007 and 2015, respectively.

The International Trading Professional Conversion Programme launched last year to retrain mid-career professionals also provides opportunities for jobseekers to start careers in international trading, including commodity trade. IE Singapore will also develop future leaders for the sector under the Leadership Development Initiative announced at Budget 2017.

“Our strong and diverse marketplace of companies is complemented by a world-class financing and shipping infrastructure to support the needs of the trading community,” said Mr Seah Moon Ming, chairman, IE Singapore.

“Singapore provides for about 30 per cent of trade finance for commodities trading in Asia. In shipping, traders have access to more than 130 international shipping groups based in Singapore. Singapore is also well-connected to more than 600 ports in over 120 countries. Just last month, Singapore was named the top maritime capital of the world for the 3rd consecutive time.”