|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Japanese food group RE&S Enterprises opens $30m Singapore headquarters
|
|
Monday, 02 June, 2014, 08 : 00 AM [IST]
|
|
Singapore
|
|
fiogf49gjkf0d Japanese food group RE&S Enterprises opened a new $30-million headquarters in Singapore recently. AsiaBiz Services, one of Singapore’s top company formation consultancies, identified the inauguration as a part of the growing trends of international food manufacturing businesses setting up in the city-state. This trends was attributed to the support of Singapore’s government and its reputation as a regional food hub.
The Japanese companies, which already operates 60 specialty Japanese restaurants in Singapore, plans to use the headquarters as a launchpad to grow its customer base and revenue to approximately $500 million by 2018. The opening of the facility, which covers an area of about 10,000sq ft, is an indicator of the recent growth of the food manufacturing industry in Singapore.
In January this year, the first automated food chiller for the storage of wholesale foods was unveiled in Singapore. The launch of the twelve-storey-high facility was accompanied by the announcement to transform Singapore into a regional food manufacturing powerhouse, by allowing for more trans-shipment contracts for local food manufacturing companies.
Even more recently, Singapore hosted the Food and Hotel Asia trade show, which attracted approximately 3,000 food and beverage companies from 64 countries. The trade show also hosted the first-ever networking dinner, during which over 700 meetings of buyers and food manufacturers were matched and scheduled.
These firms explored the possibility of setting up business units in Singapore to gain access to the large Asian consumer base, because the food manufacturing sector in the republic exhibited robust growth potential in regional markets.
Food and beverage exports from Singapore enjoyed an average growth rate of about eight per cent over the last five year. In 2013, the nation raked in $7.1 billion in F&B exports by the food manufacturing businesses in operation there (estimated to be approximately 1,100). That was because food products originating from Singapore were in high demand across the globe.
Food safety and quality standards
The international demand for Singaporean food products is attributed to the city-state’s reputation for food safety and quality. Food products from Singapore are regarded to be of a high quality and reliability, because if the city-state’s strict adherence to food manufacturing, preparation and packaging standards, such as the Hazard Analysis and Critical Control Points (HACCP), International Organisation for Standardisation (ISO) 22000 and BRC Global Standard for Food Safety.
These food safety and quality standards are implemented as part of the Sale of Food Act, which is enforced by the Agri-Food and Veterinary Authority of Singapore (AVA). This law ensures the safety and quality of food products, and regulates food handling and processing practices in food establishments.
One example of such food standards is Halal certification system in Singapore, which is in the Malay archipelago. It boosts the appeal of its food and beverage exports in such neighbouring countries as Brunei, Indonesia and Malaysia. As of September 2013, the Halal certificate mark of Singapore’s food products have also been recognised and accepted by the Gulf Cooperation Council (GCC).
Such stringent quality and safety accreditations contribute to consumers’ peace of mind, and enables Singapore to attract global food companies to its shores.
Tesco, Sainsbury’s Supermarkets and Whole Foods Markets are some examples of companies that have set up shop in Singapore to collaborate with local counterparts as contract food manufacturers.
Such colleaborations are also assisted by Spring Singapore, the nation’s enterprise development agency that liaises with partner agencies to stimulate the growth of the country’s food manufacturing industry.
Strong industry promotion
These partner industries include the Singapore Food Manufacturers’ Association (SFMA) and the Singapore Manufacturers’ Federation (SMF). The latter also comprises the F&B Industry Group, which actively promotes food and beverage businesses in Singapore and overseas by organising networking meetings, trade missions and fairs.
In addition, food manufacturing companies established in Singapore also receive support from Spring Singapore to develop their businesses with the help of the capability development programmes.
These programmes assist local food manufacturers to enhance their technology, innovation and branding, among other areas, to help them become competitively viable.
“Singapore’s food manufacturing industry has grown to become a significant constituent of the economy. The nation is strategically situated at the crossroads of the east-west trading routes, boasts a seven-hour flight radius to fast-growing Asian markets, and has state-of-the-art infrastructure,” James Nuben, head of taxation, AsiaBiz Services said.
“AsiaBiz Services strongly believes that all these attributes would make it easier for food manufacturers to start a company in Singapore,” he added.
|
|
|
|
|
|
|
|
|
|