Singapore (Commonwealth Union)_ France was one of the thirteen nations that recognized Singapore’s independence in 1965, and the two countries have a rich history of mutual understanding. Bilateral commerce has increased consistently since that time, topping $15 billion in 2021. As a platform for development into other Southeast Asian markets as well as for French businesses wishing to establish their regional headquarters, Singapore has now become a crucial hub. As a result, the city-state is home to approximately 1,900 French businesses that operate in a variety of industries, including electronics, banking, and aerospace.
Total Energies is a French international energy corporation with regional headquarters in Singapore since 1982. In 2019, the firm’s office there underwent an expansion. Engie, a French utility company, announced in 2021 that it would double its research and development staff in Singapore over the following three years and work with regional higher education institutions to concentrate on low-carbon cooling systems, the incorporation of renewable energy, and the greening of data centers. Singapore Economic Development Board approved the action.
The French chipmaker Soitec announced in 2021 a multimillion-dollar upgrade for its factory (a 300 mm silicon-on-insulator wafer fabrication plant), and in 2022, the firm planned to double the size of its factory by adding US$ 570 million to its initial investment in response to the ongoing global chip shortage. In an effort to advance its national agenda for sustainable development and strengthen its commitments under the UN’s 2030 Sustainable Development Agenda and Paris Agreement, Singapore, which also wants to achieve net zero emissions, recently unveiled the Green Plan 2030.
The Green Plan is built on five main pillars: resilient future, city in nature, sustainable living, energy reset, and green economy. Additionally, the government was mandated to reduce household water use, expand the rail network, become a leading hub for green finance and services, and quadruple solar energy deployment by 2025 in order to aid Asia’s transition to a low-carbon and sustainable future. To attract investors, the government has stated that up to US$25 billion in green bonds will be issued by 2030. This will be done in collaboration with the private sector.
