Singapore is beginning to see economic growth from different companies establishing new headquarters in the country.
Dyson Opens its New Global Headquarters
Recently, Dyson officially set up its new global headquarters at the St. James Power Station. Singapore’s Prime Minister Lee Hsien Loong is present during the opening ceremony. On March 25, Dyson opened its new headquarters at the remodelled national monument.
“Singapore is a key hub for Dyson products. We are the lead manufacturing site for Dyson Hyperdymium motors, which are at the heart of most Dyson devices. In addition to opening its global headquarters here, over the next four years, Dyson will invest close to S$1.5bn in its Singapore operations, and expand its R&D team by more than 250 engineers and scientists. This will open up exciting job opportunities for our workers, and develop new products for the global market,” said Prime Minister Lee.
In 2007, Dyson opened its new facility in Singapore with only ten employees. The new global headquarters has now 1,400 staff, across R&D, innovative manufacturing, and global HQ operations. The workforce consists of scientists and engineers.
The additional investment is a part of the newest phase of its S$4.9 billion global investment programme. Hiring in Singapore will spam positions in machine learning, robotics, high-speed electric digital motors, and robotics. It includes AI, connectivity, sensing and vision systems, software, power electronics and energy storage.
BDx Relocates Headquarters in Singapore
BDx moved its headquarters to Singapore with its office scheduled to open in April. Singapore’s heightened activity enticed I Squared Capital, BDx owner, to relocate its HQ.
CEO Braham Singh said of the move: “As BDx continues to expand, we selected Singapore as our new global headquarters to tap into the island-state’s excellent infrastructure, support of digitally-focused projects and critical agencies, along with its unrivalled global connectivity through a multitude of international undersea cables and Next Generation National Broadband Network (NGNBN).”
Additionally, BDx announced that it will triple its investment and increase its Singapore-based regional workforce by 100%. It will also increase the leadership presence from 20% to 90%. The said data centre company will enable company executives to be “more imbued with Singapore’s technology ecosystem.”
Indian Companies to Set Up Singapore Global Headquarters
Singapore’s announcement of easing Covid-19 measures leaves all pandemic-era stipulations. Foreign visitors will no longer have to take the vaccinated travel lane. People can go outside without the need to wear face masks. Up to 75% of workers can go back to work in offices.
Because of the new development, 84% of Indian companies were enthusiastic to expand their businesses in Singapore. They see huge opportunities in the country and decided that the city is a suitable place to establish their regional sales and marketing headquarters.
These Indian firms will gain from Singapore’s quick return to business. It should not be a surprise that the country is a significant bedrock for these companies seeking to expand into ASEAN. The institutional dependability, solid infrastructure, and advantageous location entice these firms.
“ASEAN is increasingly important trade and investment destination for India. In the first three quarters in 2021, the worth of merchandise exports from India into ASEAN was USD28 billion (a 42 per cent increase). The region has also been attracting more and more direct investments from India, with a two-fold increase since 2016, to reach USD2.1 billion in 2020,” said Freddy Ong, Head, Client Coverage, Corporate, Commercial and Institutional Banking, Singapore, Standard Chartered.
Indian firms are also attracted to Singapore’s strong financial markets, progressive technology ecosystem, and vision-driven policies. They are also eyeing other ASEAN countries, such as Indonesia, Malaysia, and Vietnam for business growth.