Singapore digest news (31.01 - 06.02)

Photo by Anna Smirnova

Industry and trade

The website of the Trade Representative Office of the Russian Federation in Singapore published a list of exhibitions and forums that will be held ( ) in 2022 in Singapore, these events will be held with the possibility of personal participation. Asia's largest food exhibitions, IT, Fintech, International Summit of Cities, etc.


A day with Kaspersky: trends in data protection from cyber threats were discussed at an event in Singapore.
On January 21, an event was held in Singapore, where Kaspersky Lab showed the main results in the field of cybersecurity in 2021, and also shared the trends of the coming year.
The participants of the presentation, co-organized by the Trade Representation of Russia in Singapore, were representatives of Russian and international companies, heads of the largest business associations of Singapore.
Kaspersky Lab has an office in Singapore, which is responsible for the company's business in the Asia-Pacific region. Representatives of Kaspersky Lab announced that in 2021 the company's products were able to prevent more than 660 million cyber attacks and neutralize more than 33 million threats.
Since the beginning of the Pandemic, the number of cybercrimes around the world has increased by an order of magnitude, and fraudsters are increasingly making their attacks in those countries where the level of technological protection is lower, the company's representatives noted.


Indonesia and Singapore have agreed to expand ties in the field of education
The Minister of Education, Culture, Research and Technology of Indonesia and the Minister of Education of Singapore have agreed to expand cooperation in the field of education, Kompas reports.
The agreement demonstrates the joint efforts of Indonesia and Singapore in strengthening bilateral cooperation.
The Ministers agreed on five cooperation programs in the field of education.
Indonesia and Singapore intend to cooperate to support the capacity building of the school system in Indonesia, to support the development of technical and vocational education capacity, to strengthen cooperation in the field of student and teacher exchange, as well as to implement joint research.


Singapore has established a free trade zone with the Pacific Alliance
Singapore has signed an agreement on the establishment of a free trade zone with the Pacific Alliance, an economic association that includes Colombia, Mexico, Peru and Chile. This is stated in a statement issued on Thursday by the Singapore Ministry of Trade and Industry.
As noted in the statement of the Ministry of Trade and Industry, this will allow Singaporean companies to gain wider access to the markets of the alliance members.

Singapore's tourist flow has fallen to a record low

In 2021, the number of foreign tourists visiting Singapore fell to a record low. However, there are signs of recovery after the authorities refused to quarantine vaccinated travelers and provide citizens with Singaporean Rediscovers cash vouchers in the amount of 100 Singapore dollars "for the revival of the tourism sector."
According to official data, 330,000 foreign tourists visited Singapore last year. And this is the lowest figure since the Singapore Tourism Board (STB) started tracking the numbers in the 70s. This is less than 98% of the "pre-pandemic" level. Tourism revenues in 2021 amounted to 1.41 billion US dollars, which also became one of the lowest figures in history.

House prices in Singapore have risen the most in a decade

According to the Urban Redevelopment Authority, housing prices in Singapore increased by 10.6% in 2021. This is the maximum since 2010, when the rise was 17.6%. In 2020, the indicator grew by 2.2%. At the same time, prices in the fourth quarter of 2021 increased by 5% compared to the previous three months. Also, sales of luxury homes in Singapore have reached a new high in more than 10 years.
The figures explain why the government intervened in mid-December by introducing restrictions, including higher stamp duties for second-home buyers and foreigners purchasing private homes. Buyers are benefiting from low interest rates and expectations of further price increases as the economy recovers.


Formula 1 has announced a new multi-year contract to host the Singapore Grand Prix

It became known that the Formula 1 Grand Prix in Singapore will be held at least until 2028.

"I am glad that Formula 1 will continue to hold races in Singapore for another seven years. In 2008, the first night race in the history of Formula 1 took place at the Marina Bay Street Circle track, and since then Singapore has continued to delight fans, teams and drivers. Singapore holds a special place in the Formula 1 calendar, and this extension is part of our long-term commitment to further develop the sport in Asia. The plans to reduce the carbon footprint of the event are impressive and in line with our plans to achieve a zero carbon footprint by 2030. I look forward to continuing our successful relationship with Singapore GP and the Singapore Tourism Board. I am waiting for Formula 1 to return to this incredible city!" said Stefano Domenicali, President and CEO of Formula 1.

Why is gum banned in Singapore?
In 1992, Singapore's first Prime Minister Lee Kuan Yew introduced a ban on chewing gum. Lee Kuan Yew dreamed of turning Singapore into a "first world oasis in a third world region." One of the ways to achieve this, along with the establishment of efficient transport links and foreign investment, was the cleanliness of the streets.
The law, adopted almost 30 years ago, still exists. However, as a result of the signing of the Free Trade Agreement between the United States and Singapore in 2004, it is now possible to buy chewing gum in Singapore, but only for therapeutic purposes (for example, nicotine gum) and only for customers with a doctor's prescription.

Singapore hopes to re-launch sea cruises in Southeast Asia
The Singapore authorities plan to resume sea cruises in Southeast Asia this year. As Ginny Lim, a representative of the Tourism Council, said at a press conference on Tuesday, "appropriate travel protocols have already been developed in the republic."

"Currently," she stressed, "consultations are underway with a number of neighboring states to coordinate safety requirements for cruises." The representative of the department acknowledged that "the work will take some time, but there is hope for the resumption of cruises this year."

New Year in Singapore
There are no ancient New Year traditions in Singapore, for this there is a Chinese New Year, which is celebrated in February. The night from December 31 to January 1 is rather just another reason for a party. New Year's gifts in Singapore are purely symbolic, and the festive table is not bursting with an abundance of food — only a couple of snacks and wine.
A few years ago, a beautiful ceremony of launching white balloons "for good luck" appeared in Singapore on the initiative of the country's government. Another young New Year's tradition is foam parties, which take place during the winter holidays on almost all beaches. Spotlights, cold champagne and Santa Claus in red swimming trunks are all mandatory attributes of the holiday.

Aviation industry

A key player in Singapore's aviation industry is committed to a sustainable development strategy
As a high-technology group operating in the aviation, defense and space markets, Safran has been hit by the Covid crisis like any other key players of this industry. However, the signs of recovery the aviation sector was beginning to see exactly a year ago have proved to be tangible. In fact, as Olivier Andriès, CEO of Safran, puts it :"These past months have not only demonstrated the Group’s agility and resilience, but also made it clear that the worst is now behind us, even if we may experience some short-term bumps.’’ Today, Safran is in a strong position to bounce back and quite confident about its medium and long-term prospects.
One of Safran’s top priority, which is already mobilizing the teams and shaping the Group’s strategic roadmap, is to decarbonize aviation. In 2021, Safran pledged, along with all airlines and aerospace players, to reach net zero carbon aviation by 2050

Recycling and green technologies

Singapore-based company Green Li-Ion raises $5.2 million for a technology startup
Singapore-based technology startup Green Li-Ion battery recycling is raising $5.2 million in a Series A round conducted by the British company Energy Revolution Ventures in accordance with regulatory documents.