Polish President Andrzej Duda recently concluded his state visit to Singapore, aiming to reinforce the business and bilateral relationships between the two countries. The visit comes at a time when bilateral goods trade has seen a significant increase, reaching nearly S$1.7 billion last year, a 50% growth since 2019.

During a state banquet held in President Duda's honor, Singapore's Senior Minister Tharman Shanmugaratnam highlighted the substantial growth in bilateral trade and emphasized the potential for further collaboration between the two nations as regional hubs.

President Tharman quoted a Polish saying, 'grain by grain, the measure will be filled,' to signify the gradual but meaningful progress in building a strong relationship. He described the strategic partnership between Singapore and Poland as a step-by-step process.

President Duda expressed Poland's commitment to expanding its presence in Southeast Asia and strengthening its ties with regional countries. He acknowledged Singapore as a key partner for Poland in the region and expressed the desire for the relationship to reach new heights.

Both leaders encouraged businesses from their respective countries to consider investing in each other's markets. Currently, there are approximately 170 Polish companies operating in Singapore, with Singapore making significant investments in Poland's transport and logistics sector.

Since the implementation of the EU-Singapore Free Trade Agreement in 2019, bilateral trade in goods between Singapore and Poland has surged by 50%, amounting to nearly S$1.7 billion last year.

BUSINESS TIES

At the Singapore-Poland Business Forum, Minister-in-charge of Trade Relations Grace Fu emphasized the importance of partnerships between like-minded countries such as Singapore and Poland in fostering economic growth opportunities. She stressed the need for both nations to strengthen the rules-based trading system through economic agreements.

Minister Fu highlighted the robust and expanding economic relations between Poland and Singapore, underpinned by the EU-Singapore Free Trade Agreement. She also pointed out the potential for growth and innovation in sectors like food and digital technology, where Singapore and Poland have complementary strengths and needs, creating opportunities for new collaborations.