Singapore trade opportunities in focus as Baton Relay continues
Greater Birmingham Commonwealth Chamber of Commerce has been highlighting business opportunities with Singapore - coinciding with the arrival of the Queen 's Baton Relay in the Southeast Asian country.
As the countdown to the Birmingham 2022 Commonwealth Games continues, the Queen 's Baton Relay this week touched down in Singapore.
Trade between the West Midlands and Singapore was worth more than £355 million in 2020.
And, in the four quarters to the end of 2021 Q2, Singapore was the UK 's 19th largest trading partner - accounted for 1.2 per cent of the UK 's total trade.
Exports from the West Midlands to Singapore decreased by 33 per cent between 2020 and 2021, mainly due to the pandemic.
However, the region was the sixth largest regional importer of goods from Singapore in both 2015 and 2021.
Like the West Midlands, the Singapore economy is mainly driven by exports in manufacturing and machinery, as well as financial services and tourism.
Singapore 's manufacturing sector is its largest industry, contributing nearly a quarter of the country 's annual GDP
Its financial services industry has also steadily grown over the years, and other emerging industries include medical technology, energy and engineering
The UK and Singapore have agreed in principle to the Digital Economy Agreement, the world 's most comprehensive digital trade agreement
A third of the UK 's exports to Singapore are already digitally delivered, including in finance, advertising and engineering - which means service companies in both countries will be the big winners of the DEA.
Joel Blake (pictured), president of the Commonwealth Chamber, said: “We are all aware of the power of digitalisation within the modern global economy.
“But the combination of this with bilateral trade, unlocks a level of untapped opportunity for ambitious businesses focused on accelerating their international growth.
“The Commonwealth Chamber is on hand to help our members be best positioned to benefit from the DEA in this regard.
“But also, as the founder of a fintech startup myself, I am extremely passionate about the impact that this Digital Economy Agreement will mean for diverse innovative businesses, who see digital and technology as central drivers for their long-term growth. ”
One firm with an interest in both territories is professional technical services firm Jacobs, which has an office in Birmingham city centre.
Jacobs partnered with PUB, Singapore's National Water Agency, in a research and development (R&D) project to develop and trial a whole plant simulation model for the Changi Water Reclamation Plant (CWRP).
The model, a digital twin of the plant, is the first application of its kind.
It combines real-time data from supervisory control and data acquisition (SCADA) historian with software simulation packages (Replica� Digital Twin Platform) to integrate process, hydraulics, controls and advanced data analytics into a single, whole plant simulation capable of replicating plant operations and predicting future performance in real-time.
Working closely with PUB and with support from National Research Foundation Singapore, Jacobs designed the model with customised user interfaces to improve its functionality and maximize user experiences.