Bilateral & Politics
Peru – Singapore business links
Both Peru and Singapore are situated in regions of dynamic growth. Trade and investment flows between our countries are on an upward trend. Bilateral trade between Singapore and Peru has likewise seen steady growth over the last five years, with potential to grow further in future years. Last year, bilateral trade reached S$56.1 million, with exports from Singapore to Peru accounting for 66% of total trade.
The Peru-Singapore Free Trade Agreement is a positive step towards strengthening bilateral economic relations. The comprehensive Agreement came into effect on 1st August 2009. Through the Peru-Singapore FTA both countries will leverage on each other’s strengths to enhance the access to both Latin American and Asian markets to reach further growth in bilateral trade and investment.
Peru – Singapore business prospects
The Peru Singapore FTA will enable stronger links between our respective business communities. Peru is a market of promising potential for Singapore companies seeking business ventures abroad. Singapore companies have much to offer in many sectors such as urban and industrial infrastructure, port and logistics, e-government solutions, technology and expertise in communications. In addition, many Singapore companies serve as a trading base for Peru’s products to China, Malaysia, Indonesia, India and the other countries. Peru’s main exports are metals, textiles and clothing, agricultural produce, coffee, cocoa, lumber, aquarium fish, sea food and fishmeal.
Business links are being continuously established between Singapore and Peru. 2008 and 2009 saw a number of trade delegations to Peru, 2 of which were headed by the Singapore Trade Promotion Agency IE Singapore. The business seminars in Peru were organized by Peru’s Export Agency ADEX, its Investment Promotion Agency ProInversion, the Lima Chamber of Commerce and other government and private agencies. Peru’s participation in Singapore’s International Trade fairs such as the Food Hotel Asia, Wine for Asia, Aquarama paved the way for more business exchanges.
Peru-Singapore cultural exchanges
The first ever Bi-National Fine Arts Academies Memorandum of Understanding between the National Academy of Fine Arts (NAFA) and the Peruvian School of Fine Arts in Singapore signed on July 2000 created an important artistic and cultural exchange program between Singapore and Peru. This agreement paved the way for the first Latin American fine Arts exhibit in Singapore at the NAFA, and, reciprocally 23 pieces of art from NAFA was staged at the Peruvian School of fine Arts. Peru also exhibited its Silver craftsmanship at the Singapore jewelry show.
The MOU between Wild Life Singapore ( Singapore Zoo ) and the Peruvian Flora and Fauna Promotion Office foments exchange of experience and species. There are Amazonian birds at the Jurong Bird Park.
By way of literary contribution, the Embassy of Peru has also provided books by Latin American Authors to the national Library of Singapore for the establishment of a Latin American Section at the NLB.
In the area of sports, the first Peruvian Derby in Singapore and Singapore Cup in Peru took place in 2000 to commemorate our respective national days, and for several years after.
The Embassy of Peru has also contributed to Singapore’s multi-cultural landscape by participating in several cultural musicals and handicraft fairs including Peruvian musicians playing along Orchard Road as a free sampling of Peruvian Andean Music.