Scotland is looking to boost its ties with South East Asia as Trade Minister Ivan McKee embarks on a visit to Indonesia and Singapore. The goal of the visit is to meet with global industry leaders and promote new trade and investment opportunities.
Promoting space innovation
The minister will attend the Global Space and Technology Convention in Singapore where he will showcase Scotland’s success in the space industry and highlight the recently published Space Sustainability Roadmap. This world-first document outlines how the sector can contribute to reaching net-zero emissions and Scotland’s first orbital space launch is set to take place this year.
In addition to the space convention, Mr. McKee will also meet with life sciences and renewable energy companies, participate in a roundtable discussion with potential investors, and attend a Scotland Food and Drink Festival in Singapore where he will give a speech. The visit also includes an event in Jakarta with senior alumni of Scottish universities.
Singapore is Scotland’s 11th largest export market and its leading export market in Asia, worth £730 million. Indonesia, on the other hand, is the largest economy in South East Asia and the fourth largest country by population in the world. With its rising consumer spending power and a shift towards premium products, Indonesia offers potential for growing Scottish exports in the food and drink sector.
Mr. McKee commented on the visit, stating that Singapore and Indonesia are “very important markets offering significant opportunities in areas such as health tech, space, energy transition and food & drink.” He added that Scottish companies have long used Singapore as a gateway to other markets in Asia. The minister aims to highlight Scotland’s world-leading companies, products, research expertise, and investment opportunities as the country works towards its ambitious net-zero targets.
Scotland outperforms rest of UK
Scotland outperforms the UK as a whole in attracting foreign investment and there will be further opportunities as the country transforms its economy.
In particular, The Green Investment Portfolio, which has a current value of approximately £3.7 billion, showcases Scotland as a world leader in innovative green industries and demonstrates investment opportunities in the country.
The visit has been organized by Scottish Development International, in-market trade and investment specialists based in South East Asia. The organization works to promote Scotland’s international trade, investment and innovation capabilities and supports Scottish companies to grow and succeed in international markets.
As the country boosts is economy through foreign relations, Scotland is taking a step forward in strengthening its ties with South East Asia by increasing trade and investment opportunities.
The visit by Trade Minister Ivan McKee to Indonesia and Singapore is expected to bring new opportunities for Scotland’s world-leading companies in space, life sciences, renewable energy, and food and drink. The country is committed to reaching its net-zero targets and showcasing its research expertise and investment opportunities to the world.