Population (2020): 65.3 million
GDP (2020): US$2.6 trillion
Global Competitiveness Index (2019): 78.8, 15th worldwide
Bilateral Trade with Singapore (2020): S$20 billion
Trading Partner Rank (2020): 14
Global Innovation Index (2020): 53.7, 12th worldwide
France is an economically developed nation with a large, diverse and sophisticated consumer base. With a GDP of S$3.82 trillion in 2018, France is the world’s sixth largest economy and the third largest economy in the European Union after Germany and the UK.
The country excels in aerospace and defence, civil engineering, consumer goods, energy, telecommunications, and tourism. In addition, its workforce is anchored by high research and development spending.
Ride on the niche French areas of aerospace engineering, lifestyle and consumer products to give your business a headstart in France and Europe.
The government is also supporting the development of its startup ecosystem with a series of fiscal measures that include tax cuts, and a fast-track French visa to allow foreign entrepreneurs to work in France.
1 http://campusfrance.org, 2017
France is Singapore’s thirteenth largest trading partner with bilateral trade valued at S$22 billion in 2019. France is Singapore’s sixth largest EU investor and France is Singapore’s eighth largest EU investment destination. Singapore hosts more than 800 subsidiaries of French companies.
The European-Union Singapore Free Trade Agreement (EUSFTA) entered into force on 21 November 2019. The EUSFTA will provide Singapore companies with greater access into France, with benefits ranging from tariff elimination, reduced technical barriers to trade and increased access to the EU’s services and procurement markets.
With its technologically advanced economy at the heart of the EU and strong bilateral economic and trade relations with Singapore, France is a market that would be beneficial to your company when it comes to landing and expanding within Europe.
France has an educated and talented population with excellent universities. The country has 1.6 million scientists and engineers, and 44% of 25 to 34 year-olds are tertiary-educated2. Your business can capitalise on the country’s modern business culture, coupled with well-established financial markets and strong intellectual property protections to enter the French and European markets.
France has fast and efficient connections throughout Europe and the rest of the world due to its superb infrastructure that includes a high-speed passenger rail, maritime ports, extensive roadway networks and public transportation, and efficient intermodal connections.
Besides the excellent transportation system, your company can benefit from a high-quality communications infrastructure that includes high-speed network coverage, as well as electricity at competitive prices.
2 Education at a Glance 2018, OECD, 2017
Singapore is the second top Asian destination for French investment and over 1,900 French companies are based in Singapore. These companies are in the areas of chemistry, electronics, and finance, and include Airbus, Bolloré Group, EDF, Engie and Total.
Singapore is also France’s top trading partner in Southeast Asia and its third in Asia, with total bilateral trade exceeding S$22 billion in 2019.
Bank on the strong ties between Singapore and France to tap into the French market and also its strong innovation ecosystem. Singapore companies with significant presence in France include Ascott, City Developments and ST Engineering.