Singapore company plans to enter international auto parts market


According to overseas media reports, the Singapore International Enterprise Development Bureau recently stated that Singapore companies absolutely have the conditions to enter the international auto parts market. After actively developing electronics, biotechnology, and aerospace industries, Singapore plans to compete for the auto parts market in the future. Singapore's Enterprise Development Bureau's monthly issue of "iejournal" reports on the overview of Singaporean companies entering the global automotive market. The Enterprise Development Agency believes that Singapore’s corporate sector involves electronics, data storage, biotechnology and aerospace industries. Singapore companies have reached a strict level in these areas, laying a solid foundation for entering the automotive industry. The Enterprise Development Council stated that Singapore itself does not have a car manufacturing industry, but it has an advantage in developing local automobile support and auxiliary industries. According to the report, due to the lack of a domestic market in Singapore, the auto parts industry must compete internationally. Previously produced auto parts have also been sold to internationally renowned car dealers. The Enterprise Development Agency believes that automobile manufacturers have been moving away from traditional production bases (such as the United States, Europe, Japan, and South Korea) in recent years, and have turned to China, Thailand, Malaysia, and Indonesia to produce cars. This provides good opportunities for Singapore companies to provide parts and support services to global automakers.

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