Singapore and Czech Republic Strengthen Economic and Transport Ties

1.     Senior Minister of State (SMS) for Finance and Transport, Chee Hong Tat met Czech Minister of Transport, Martin Kupka, on 12 April 2023.  Minister Kupka was accompanied by 75 government officials and a business delegation organised by the Chamber of Commerce of the Czech Republic, as part of his working trip to Singapore on 11 to 12 April 2023. 

Czech-Singapore Bilateral Relations

2.     Singapore and the Czech Republic have enjoyed friendly relations for many decades. There are many areas for the two countries to explore and deepen economic ties, including advanced manufacturing, trade, transport, and the digital economy.

3.     Singapore and the Czech Republic are also party to the EU-Singapore Free Trade Agreement (EUSFTA) and the EU-Singapore Investment Protection Agreement (EUSIPA). As the first trade and investment agreements between the EU and an ASEAN Member State, these agreements reflect both countries’ shared commitment to an open, rules-based multilateral trading system. 

4.     With its strengths in the engineering and automotive industry, the Czech Republic has been implementing the strategy “Industry 4.0” with the goal to modernise its manufacturing industry and boost global competitiveness. The Czech government has also launched various initiatives that provide funding, support, and collaboration opportunities for businesses and research institutions to develop and implement “Industry 4.0” solutions.

5.     During a bilateral meeting on 12 April at the Conrad Centennial Hotel, SMS Chee and Minister Kupka reaffirmed the strong bilateral relations between Singapore and the Czech Republic and discussed common priorities and emerging challenges in the transport sector, as well as possible areas of collaboration between the two countries.

Czech-Singapore Business Forum 2023 

6.     SMS Chee and Minister Kupka also spoke at the Czech-Singapore Business Forum on 12 April 2023. The forum, jointly organised by the Singapore Business Federation (SBF), Enterprise Singapore, Czech Chamber of Commerce, Czech-Singapore Chamber of Commerce, Ministry of Transport of the Czech Republic and Embassy of the Czech Republic in Singapore, aims to strengthen economic and transport ties between the two countries.

7.     At the Czech-Singapore Business Forum, representatives from Singaporean and Czech companies connected on trade and investment opportunities. The Czech Republic is Singapore’s 13th largest EU goods trading partner. In 2022, goods traded between the two countries amounted to S$1.5 billion. Singapore welcomes and supports the continued presence and activities of the Czech-Singapore Chamber of Commerce, the CzechTrade and CzechInvest office, as well as the 80 over Czech companies who have a presence here.

Czech delegation visits to PSA and LTA 

8.     At PSA, Minister Kupka and his delegation of Czech business leaders met with Regional CEO (Middle East & South Asia) & Head (Group Business Development), Mr Wan Chee Foong, and Vice President (Group Business Development), Mr Ong Seow Leong. The delegation was given an overview of PSA’s operations at Pasir Panjang Terminal.

9.     The Czech delegation also met MOT and LTA officers to discuss advancements in land transportation and intelligent transport solutions.  

ANNEX

PHOTO 1: Senior Minister of State for Finance and Transport, Mr Chee Hong Tat, in a bilateral meeting with Czech Minister of Transport, Mr Martin Kupka and his delegation comprising government and business officials

PHOTO 2: (left to right) President of the Czech-Singapore Chamber of Commerce, Mr Marcel Bednář; Vice President of the Czech Chamber of Commerce, Mr Michal Štefl; Ambassador of the Czech Republic to Singapore, Ms Michaela Froňková; Minister of Transport of the Czech Republic, Mr Martin Kupka