Dear Subscriber,
"Building smart, modern rules for digital trade with our global partners is crucial at a time when more than half of EU trade in services is delivered digitally. Today’s deal with Singapore, the first agreement of its kind, will benefit businesses and consumers on both sides, bringing our economies closer together, while representing a significant step forward for the EU’s ambition to be a global standard-setter in the domain of digital trade." Valdis Dombrovskis, Executive Vice-President of the European Commission and European Commissioner for Trade.
“The EUSDTA underscores Singapore and the EU’s shared commitment to ensuring that our companies and people have legal certainty and confidence when transacting in the digital economy, amidst a rapidly evolving regulatory landscape. It will enable us to unlock greater opportunities in the digital economy, while ensuring digital inclusion, especially for Small and Medium Enterprises. The EUSDTA is also the first Digital Trade Agreement between the EU and an ASEAN country, and will help advance greater region-to-region digital connectivity.” Grace Fu, Minister-in-charge of Trade Relations and Minister for Sustainability and the Environment of Singapore.
The announcements concern the EU-Singapore Digital Trade Agreement (EUSDTA), which successfully concluded its negotiations on 25 July this year. The EUSDTA builds on the Digital Partnership established in February 2023, introducing legally binding rules to prevent data localisation and ensure personal data protection. Additionally, it complements the 2019 Free Trade Agreement, further strengthening and elevating the relationship between the EU and Singapore.
For Swedish companies operating in Singapore, the new EUSDTA offers significant benefits and opportunities. The agreement’s provisions against data localisation will facilitate smoother cross-border data flows, essential for digital services and e-commerce. Enhanced data protection standards will bolster trust in digital transactions, crucial for businesses managing sensitive information. Furthermore, by aligning with the EU's standards, Swedish firms can leverage this agreement to access broader markets with greater ease. The EUSDTA also creates opportunities for innovation and collaboration in the digital sector, enabling Swedish companies to expand their digital footprint and integrate more deeply into the ASEAN market. This agreement positions your business to thrive in an increasingly interconnected digital economy.
Please find below the latest news from our business community.
Your dedicated SwedCham team,
Lisa & Anna Photo: EU Commission press release |
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| Exploring the new EU-SG DTA |
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How will the new EU-Singapore Digital Trade Agreement shape the way we do business? What opportunities and challenges will it bring? How will it affect digital trade and data flows? And what strategies can businesses employ to leverage this agreement?
On 19 September, representatives from the EU Delegation in Singapore and the law firm Rajah & Tann will join SwedCham and Team Sweden to discuss the impact of the new EU-Singapore Digital Trade Agreement. In this free session, we will explore how the agreement will influence future trade between the two parties and what implications it will have on businesses going forward.
Speakers: Justyna Lasik, Head of the Economic and Trade Section of the EU Delegation to Singapore
Thank you to Swedish Ambassador H.E. Anders Sjöberg for graciously hosting this session at the Swedish Residence.
This free event is open to the Swedish business community in Singapore. For more information and to register for the event, please use this link. |
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| Upcoming knowledge events |
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Diversity and team performance
Are diverse teams always high-performing? Not necessarily. On Thursday 26 September, Professor Henrik Bresman from INSEAD will share with us some groundbreaking new research on the pivotal role of psychological safety in helping teams thrive.
This event presents a unique opportunity for anyone navigating diverse team dynamics to learn invaluable insights into enhancing team performance and harnessing the capabilities that can truly elevate a team's success.
Register for this event here. |
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The arbitration clause
Often referred to as "the champagne clause" because it is the final hurdle before closing a deal, the arbitration clause is crucial to review carefully.
In a virtual session on Tuesday 8 October, Jakob Ragnwaldh, Partner at Mannheimer Swartling, will provide key insights into drafting and negotiating an effective arbitration clause. He will cover the critical do’s and don’ts and explore the potential consequences of overlooking this crucial element, particularly how it can affect your ability to enforce contractual rights.
Register for this online event here. |
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| Midwinter Ball: Got your table yet? |
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Don't miss to buy your early bird ticket (ending 16 Sep) for this year's Midwinter Ball at the iconic Sofitel Sentosa.
Get ready for a night of elegance and celebration: Join us at SwedCham's annual ball, our most anticipated and extravagant event of the year. As single ticket sales has now kicked off, we are excited to remind you that Sofitel Sentosa is offering a special 20% discount on rooms for a limited number of Midwinter guests - available on a first-come, first-served basis. Why not turn the party night into a luxurious weekend staycation, escaping the hustle and bustle of city life? To take advantage of this exclusive offer, please contact Anna Landgren at anna.landgren@swedcham.sg.
For more details and to secure your early bird ticket, use this link. |
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| Next SwedCham Connect on 12 September |
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Last call for our upcoming After Work on Thursday 12 September! This SwedCham Connect will be hosted at Alfa Laval's offices at The Metropolis.
Join us for a great night out.
Exclusively for SwedCham Members. Register for this event here. |
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| Business Climate Survey 2024 |
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The annual Business Climate Survey in Singapore, now in its seventh year, was conducted in the first quarter of 2024. Nearly 100 Swedish companies of varying sizes participated, offering insights into their operations and perspectives.
Join us for the 2024 Singapore Business Climate Survey launch event, where Business Sweden will share detailed insights from the recent survey and explain how Team Sweden can support your growth in Singapore and the region.
Register for this free event here. |
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Earlier this year, researchers from SwedCham's Gold Sponsor DBS, in collaboration with Angsana Council (supported by Monk’s Hill Ventures) and Bain & Company, explored the drivers of regional economic performance over recent decades and provided forecasts for the upcoming decade. Their analysis considers the ongoing impacts of geopolitics, technology, and climate change. You can find an overview of their findings in the report available here.
For additional market insights, tune into the podcast series Kopi Time with Taimur Baig, where DBS Chief Economist offers the latest updates on market dynamics around the world. |
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| IDGs: Inner growth for outer change |
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Initiated and founded in Sweden, the Inner Development Goals - a non-profit, open-source initiative - brings the power of inner development to global challenges faced by humanity. Recognising that a systemic change requires inner capacities and values, a group of researchers, experts, and practitioners launched the Inner Development Goals (IDGs) to drive purposeful, sustainable, and productive lives. Today, over 1000 organisations have integrated the IDGs, and with over 500 IDG hubs over the world, the Inner Development Goals has become a global movement.
Jocelyn Goh, Marian Dang, and Anna Håkansson - each an expert in their respective fields of transformational leadership and sustainability - are collaborating with SwedCham to take the IDG movement to this region by introducing it to businesses in Singapore. The IDG framework empowers leaders and provides tools to cultivate personal growth and team development, enhancing their ability to drive sustainable change, aligned with the UN Sustainable Development Goals (SDGs).
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RVM Systems supporting launch of new refund scheme
RVM Systems Singapore, a fairly new member of our SwedCham community, is part of the network supporting the Singapore Beverage Container Refund Scheme (BCRS), now set to launch on 1 April 2026 - rather than previously announced 1 April 2025. The revised timeline will allow BCRS, beverage producers and retailers ample time to design and implement the new scheme, ensuring a smooth transition for consumers.
By the full implementation on 1 July 2026, a 10-cent refundable deposit will be applied on all pre-packaged beverages in plastic and metal containers ranging from 150 millilitres to 3 litres. A transition period will be in effect from 1 April 2026 to 30 June 30 2026, to facilitate the roll-out of these changes. Read more about the scheme here.
RVM Systems is Sweden’s leading designer and manufacturer of Reverse Vending Machines (RVMs), with over 20 years of industry experience. Headquartered in Sweden, the company specialises in the development, production, and maintenance of Reverse Vending Machines (RVMs) and systems worldwide. |
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Saab expands partnership with DSTA
Saab is proud of its longstanding collaboration and innovative partnership with the Defence Science & Technology Agency (DSTA) in Singapore. The company is therefore delighted to announce that it has recently signed a new contract with DSTA to provide six composite superstructures for the Republic of Singapore Navy’s Multi-Role Combat Vessel (MRCV). This contract encompasses the detailed design, production, and final assembly of these advanced composite superstructures for the MRCVs, further strengthening Saab's commitment to supporting the Navy's capabilities.
Congratulations to Saab's team in Singapore and the region on this achievement! |
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Business Sweden
#Focus Asia: The Swedish Government's New Strategy for Foreign Trade and Investments highlights Asia as a growth market for Swedish exports. The strategy aims to strengthen Sweden's economic ties with the region, promote sustainable development, and advance digitalization. The focus is on increasing and diversifying exports, improving trade conditions, and providing better support to Swedish companies looking to do business in Asia. This autumn, team members from Business Sweden's offices in Asia will be visiting nine cities across Sweden. They will meet with companies to discuss business opportunities, share insights on business culture, and explain how they can support your company’s expansion into Asia. If you know of any companies or individuals in Sweden who could benefit from this event, please share this registration link with them.
Embassy of Sweden
The much-anticipated Nordic Film Festival 2024 is here, and we are thrilled to invite you to a weekend of captivating cinematic experiences from Sweden, Finland, Norway, and Denmark. On Saturday 21 September at 8:00 pm, join us at The Projector at Cineleisure for a special screening of Hammarskjöld: Fight for Peace (2023). Directed by the renowned Per Fly and featuring acclaimed actors like Mikael Persbrandt, Francis Chouler, and Cian Barry, this film offers a gripping portrayal of one of Sweden’s most revered diplomats, Dag Hammarskjöld.
Set against the backdrop of the Cold War in 1961, Hammarskjöld follows the UN Secretary-General as he embarks on a perilous mission to broker peace in the Congo - a mission many deemed impossible. This intense and touching film sheds light on the resilience and elegance of Hammarskjöld as he faces immense challenges. The Nordic Film Festival 2024 is proudly presented by the Embassies of Denmark, Finland, Norway, and Sweden in Singapore, in collaboration with The Projector and DNB, and supported by Bolia, Bonne, Carlsberg, Vitamin Well, Orkla, and Wipak.
For more information and to purchase tickets, please visit this link.
Swedish Church in Asia
Svenska kyrkan i Asien besöker Singapore den 14-18 september! Bland mycket annat blir det en svensk gudstjänst den 15 september kl. 11.00 på Norska Sjömanskyrkan i Singapore. Efter gudstjänsten serveras kyrkkaffe med kanelbullar. Eftersom Svenska Kyrkan har fått flera förfrågningar om konfirmandundervisning vill de gärna undersöka hur stort intresset är. De bjuder därför särskilt in dig som är intresserad av att bli konfirmerad till denna gudstjänst då ni får prata mer om upplägget. Utlandskyrkan är mer flexibel vad gäller ålder för konfirmanderna men de tänker sig runt 14-16 år.
Har du funderingar eller frågor så hör av dig till Olof Olsson, präst i Svenska Kyrkan i Asien, på olof.e.olsson@svenskakyrkan.se eller +66-631939485.
Singapore Ballet
Ballet Under the Stars is Singapore’s premier outdoor dance event, presented by Singapore Ballet, the nation’s leading ballet company. This year’s performance features three exceptional works from their repertoire: In the Glow of the Night and Fives by the renowned late Singaporean choreographer Choo-San Goh, and Kitri’s Wedding from the beloved ballet classic Don Quixote.
Join us for an enchanting evening of ballet under the stars on 6, 7 or 8 September at Fort Canning Green - bring your family, friends, and a picnic basket for a memorable experience. Singapore Ballet, led by Janek Schergen, who was honoured with SwedCham's Swede of the Year Award in 2019 for his outstanding contributions to Singapore’s dance and ballet scene, promises a night of extraordinary performances.
Book tickets for this event here. |
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Friday 6 September: SwedCham Young Professionals' yearly crayfish party! Book your tickets fast, as they are almost sold out.
Thursday 19 September: The EU-Singapore Digital Trade Agreement Explained. This session will provide insights into the new EUSDTA and what the implications are for Swedish businesses in Singapore and the broader region. We will also cover Singapore's expectations and vision for this pivotal agreement.
Wednesday 27 November: A Market Outlook focusing on Indonesia. Guest speakers: H.E. Daniel Blockert, Sweden's Ambassador to Indonesia and Erik Odar, Sweden's Trade Commissioner to Indonesia. |
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| |  | | The Champagne Clause | | What Every Business Should Know About Arbitration | 
| Oct 8, 2024
(8:30 AM - 9:30 AM) (GMT+8) |
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