SWITZERLAND’s exports to Singapore are on a strong upward trend and at the same time the country’s direct investments here are also on a firm upward trajectory, the latest available Swiss data shows. Ambassador Fabrice Filliez, who has just completed his 4year tenure in Singapore and has been posted as the new Swiss Ambassador to Poland, tells The Business Times (BT) in a farewell interview that from an economic perspective, he is happy to see strong positive trends in bilateral SwissSingapore business ties. “Singapore remained Switzerland's most important trading partner in Southeast Asia in 2021 and the fifth most important trading partner in Asia after China, India, Hong Kong and Japan. In 2021, Swiss goods exported to Singapore amounted to S$10.6 billion, an increase of 16.5 per cent compared to 2020,” he says. “Swiss direct investments in Singapore rose by 10.7 per cent to S$74 billion, continuing the upward trend of recent years despite the pandemic. Based on the 2020 figures, Switzerland is now the 8th largest foreign investor in Singapore, up one place from 2019,” he adds. Overall, SwissSingapore bilateral relations in various fields – business, economics, trade and investment, politics, culture and education, science and innovation, are all growing stronger with each passing year, says Ambassador Filliez. “Looking back to May 2018 when I took over and despite the pandemic, I would say that almost all fields have grown and deepened, which confirms the broad and strong foothold of Switzerland in Singapore. I have witnessed the strengths and dynamics of our bilateral relations. I was able to build up a vast and sustainable network of professional contacts within the government, in the private sector, with the Swiss community and the many friends of Switzerland in Singapore,” he adds. During his tenure, many new opportunities for collaboration opened up, for example in fintech and green finance, where Switzerland and Singapore – both in a leading position and having similar interests, are embarking on exciting new projects together. On the sidelines of the Singapore Fintech Festival in November 2021, the Swiss Embassy and the Monetary Authority of Singapore (MAS) organised a well-attended event on Sustainable and Digital Finance with a strong lineup of highlevel experts.
Bridge between Asia and Europe
Swiss Federal Councillor Ueli Maurer, his team and a Swiss financial private sector delegation, who were in Singapore for the fintech festival, attended the Switzerland Singapore Fintech Evening on Nov 7 last year. Speaking at the event, he emphasised that Switzerland will continue to promote fintech and help in building a bridge between Asia and Europe. Ambassador Filliez says that another example of the growing fruitful bilateral cooperation was that in June this year, Singapore and Switzerland launched the inaugural Point Zero Forum in Zurich. It is a new platform for global leaders across the public and private sectors to drive the meaningful exchange of ideas and knowledge to advance fintech and Web 3.0 in the digital economy. This collaboration is the fruit of a steady and intensive financial dialogue between the countries, based on mutual trust and interest, he adds. The Point Zero Forum is intended to help ensure that innovation in digital financial technology can flourish and thrive in a secure framework for the benefit of all. Together, Switzerland and Singapore are committed to open markets, and want to stimulate international competition and foster innovation. Says Ambassador Filliez: “The ties between Singapore and Switzerland are not only deep, diverse and strong, but also show real potential for development in various fields. The economic trends are positive and we will certainly see more growth in various sectors. Digital economy is certainly a field where we can deepen our cooperation by establishing digital trade rules and new collaborations.” With the easing of travel restrictions, official visits at the ministerial level can reboot again after more than 2 years of virtual exchanges, he tells BT. Through such exchanges in person, progress can be achieved and new paths of collaboration can be explored. In recent months, a number of Singapore government officials visited Switzerland for the 75th World Health Assembly in Geneva, the 51st St Gallen Symposium, the 2022 World Economic Forum annual meeting in Davos, and more recently the Point Zero Forum in Zurich, he adds. Despite the Covid-19 pandemic, the number of Swiss citizens in Singapore remains stable. The Swiss School is reporting a positive trend in terms of the number of pupils, not only in the German stream, but also in the more recently introduced French stream.
“Our collaboration in education is thriving – Singapore is still strongly interested in the Swiss model of dual education and apprenticeship and we see a number of Swiss actors in the field of education reinforcing their presence and activities or planning to set up an outpost in Singapore,” Ambassador Filliez tells BT. “We are hoping to increase our exchange on issues like digitalisation and cybersecurity and to deepen our ties with Asean – perhaps also through projects executed in Singapore, such as via the Asean-Singapore Cybersecurity Centre of Excellence (ASCCE). My successor is versed in multilateral affairs – perhaps our collaboration can be firmed up there, too,” he adds. The new Swiss Embassy building, is something to look forward to after its renovation as it will be a sustainable building in the lush and green surroundings of Bukit Timah – where new ties can be forged and older ones celebrated, he says. These are only a few examples, but they show a great potential for further development of ties between Switzerland and Singapore, he adds. Ambassador Filliez says looking back to just the last few months, there has been a steep increase in ministerial visits and exchanges – as soon as the pandemic situation allowed it. “These visits hint at where collaboration may increase in the next few years. In November 2021, Swiss Finance Minister Ueli Maurer visited Singapore to attend the SFF 21 and to meet his counterparts. We organised a SwitzerlandSingapore Fintech Evening – the only physical side event with a partner country at the Fintech Festival. The event led to a new collaboration – the Point Zero Forum, in Zurich in June, which was attended by Minister of State, Ministry of Culture, Community and Youth & Ministry of Trade and Industry Alvin Tan and a strong Singapore delegation. The Point Zero Forum brought together over 1,000 people from the world of finance in Zurich and offered a unique platform where highranking international experts discussed 2 major new market opportunities that build on the architecture of Web 3.0: tokenisation and sustainable finance, which allow for more efficient and sustainable financial services. At the same time, there was an open discussion on how to deal with risks such as cyberattacks and financial crime, and how to ensure proper compliance with regulations. The ability to create technological innovation and develop lean regulation in this area is an important factor for the success and stability of the Swiss financial sector. The Point Zero Forum was held for the first time in this format and is expected to become a permanent fixture in the international fintech calendar.
Global issues
Ambassador Filliez tells BT that the Swiss Minister for Economic Affairs, Education and Research, Federal Councillor Guy Parmelin was also planning to come to Singapore in March this year to meet his counterparts in economy, education and research, and to officially launch the opening of the first overseas campus of Switzerland’s EHL, the top ranked global hospitality university. “Unfortunately, a Covid infection forced him to cancel the trip at the last minute. Nevertheless, the preparatory work stimulated the exchanges and our Federal Councillor had a meeting with Singapore’s Minister S Iswaran, touching up on various global issues on the sidelines of the WEF meeting in Davos in May 2022,” he adds. “In Singapore, the inauguration of the EHL Campus was graced by Minister for Education Chan Chun Sing and attended by the cantonal minister Philippe Leuba, Head of the Department of Economy, Innovation and Sport of the Canton of Vaud. His colleague from the Canton of Sankt Gallen Stephan Kölliker, the Cantonal Minister of Education, was also among the guests.” Singapore’s Minister for Sustainability and the Environment Grace Fu attended the 51st St Gallen Symposium on Collaborative Advantage. Senior Minister Tharman Shanmugaratnam, Minister for Transport and concurrently, Minister in charge of Trade Relations S. Iswaran and Minister for Communications and Information Josephine Teo participated in the WEF annual meeting in Davos. In the financial domain, Switzerland and Singapore held a new round of the regular Financial Dialogue in May 2022 in Singapore, Ambassador Filliez tells BT. Both parties discussed topics including carbon pricing, sustainable finance and green fintech and the future of payments. They adopted a joint statement of intent aimed at avoiding unnecessary obstacles for the crossborder transfer, storage and processing of data in the financial sector, as well as to ensure data availability and protection. Looking back to the 4 busy and fruitful years spent in Singapore, Ambassador Filliez tells BT that he is very satisfied with his tenure here in Singapore and also as the Swiss Ambassador to Brunei Darussalam. “What a fantastic journey! My tenure in Singapore has been rich and rewarding, both professionally and privately. As a hub in South-east Asia, Singapore offers a very stimulating work environment. Working as a diplomat is an opportunity and a privilege. The authorities are very competent, accessible and responsive. They are open and do their best to assist and seek solutions. They are also always ready to explore new and innovative ways of cooperation. “In addition, Singapore offers an exceptionally rich economic and think tank ecosystem, favouring meetings and exchanges with highlevel experts. My 4 years have been a very enriching experience and will leave a vibrant and lasting memory. Sometimes people ask me what I would miss the most after leaving Singapore. My answer is simple and constant: the people!”