Singapore's Open Trade System: A Draw for Specialty Chemical Firms

Tan See Leng also points to pro-business and trusted regulatory framework as pluses

- Shabana Begum

Singapore's open trade architecture is one draw for specialty chemical firms looking for a springboard into Asia, said Minister-in-charge of Energy, Science and Technology Tan See Leng on July 9.

The Republic has 28 free trade agreements that give it access to markets representing over 85 percent of global gross domestic product, he said.

World-class infrastructure, a pro-business environment and trusted regulatory framework are also its advantages.

"A pro-business and trusted regulatory framework makes it easy for firms to navigate, operate, adapt, and of course, to scale," said Dr Tan at an event on Jurong Island marking a production milestone by French chemicals company Arkema.

On July 9, Arkema announced that its facility on Jurong Island has since 2024 been able to ramp up global production of its "green plastic" by 50 percent following its opening in 2022.

The €400 million (S$600 million) plant, which produces plastics made from castor oil, is the world's largest factory to produce bio-based, or plant-based, plastics.

It is also one of the largest of Arkema's 157 factories worldwide.

Arkema's castor bean plastic is called Rilsan PA-11, and it has been used in electric vehicles, medical devices and sports shoes. The company declined to reveal how much green plastic it can produce in a year, citing commercial sensitivities.