More global brands betting on Singapore as gateway to Asia

They are leveraging Republic's strengths to expand into high-growth markets

- Rosalind Ang

A media preview hosted by Chick-fil-A Singapore at Bugis+ on Dec 2 ahead of the opening of its first Asian outlet on Dec 11. More US food and beverage brands ranging from supermarket products to high-end culinary concepts have established their businesses and regional bases in Singapore.

(ST PHOTO: AZMI ATHNI)

More global consumer brands have been expanding into Asia through Singapore, leveraging the Republic's strategic location, strong infrastructure and vibrant business environment as a test bed to localise their products for Asian markets as well as coordinate regional operations and supply chains.

It comes at a time when Asia is set to drive half of global consumption growth by 2030, representing a US$10 trillion (S$13 trillion) opportunity as one in every two worldwide transactions is expected to come from consumers in the region, according to McKinsey.

Singapore is well positioned to tap that demand, with Changi Airport serving 67 million passengers in 2024 and projected to handle up to 140 million a year when Terminal 5 is completed in the mid-2030s.

Ms Melissa Guan, vice-president and head of consumer at the Economic Development Board (EDB), said consumer companies are drawn to Singapore, where most consumers are savvy, culturally diverse and have the spending power and appetite to try new products. This allows the brands to test and adapt their offerings across Asia.

The Republic's multicultural workforce also gives companies access to talent with regional market knowledge, helping them scale across Southeast Asia.

EDB works with foreign companies that want to set up shop here by fostering collaborations within the local ecosystem - ranging from research institutes to innovation partners and local brands - that provide a competitive edge for those with plans to expand in the region.