The trade and business relationship between Australia and Singapore has grown significantly since the signing of the Singapore-Australia Free Trade Agreement (SAFTA) in 2003. Singapore is currently Australia’s largest two-way trading partner, with trade valued at $52.9 billion in 2022 as well as a major investor, contributing $148.6 billion in foreign direct investment (ANZ, 2024)¹. Recent years have also seen both nations intensifying their focus on digital and green economies. For instance, landmark agreements such as the Australia-Singapore Digital Economy Agreement (DEA) in 2020 and the Singapore-Australia Green Economy Agreement (GEA) in 2022 have driven business collaboration and innovation, encouraging Australian companies to embrace sustainability and digital transformation in Singapore.

With such developments in mind, conducting in-depth surveys and interviews amongst AustCham members in 2024 to gauge business sentiment and the adoption of digital strategies and green initiatives was timely and relevant.

The report was jointly produced by James Cook University’s Singapore campus (JCU Singapore) Center of International Trade and Business in Asia (CITBA), the Australian Chamber of Commerce Singapore (AustCham) and communications partner Aroca Group. CITBA researchers – Associate Professor Pengji Wang, Dr Sook Rei Tan, Associate Professor Jacob Wood, former Campus Dean Professor Abhishek Bhati, and former Senior Lecturer Emiel Eijdenberg – designed the survey and interview questions, collected and analysed the data, and authored the report. AustCham facilitated participant recruitment and organised the launch event, while Aroca Group supported the design and media outreach.

Adopting a mixed-method approach, the research team combined surveys and in-depth interviews to assess business sentiment and understand the adoption of digital strategies and green initiatives among AustCham members in Singapore.

“The report reinforces a shared commitment to advancing knowledge and fostering impactful business insights for Singapore and the broader Asia-Pacific region,” says Associate Professor Wang Pengji, Acting Academic Head at JCU Singapore’s Business School.

Ms Sue-Ann Wilson, Executive Director of AustCham Singapore, emphasised the value of collaboration adding “The Business Sentiments Report 2024 underscores the strength of our partnership with JCU Singapore and Aroca Consulting Group. This project offers a snapshot of AustCham member insights, equipping businesses with insights to reflect on challenges and seize opportunities to shape a sustainable, innovative future for the region.”

Download the full report here.

Find out more about the Singapore campus of James Cook University.

Discover further information on areas of research, and research strength at James Cook University in Singapore.


¹ Singapore and the Opportunity, https://www.anz.com.au/bluenotes/2024/may/anz-news-shayne-elliott-singapore-champion/

Contacts

Associate Professor Wang Penji pengji.wang@jcu.edu.au

Media: pinky.sibal@jcu.edu.au / Ms Hoe Shu Rin shurin.hoe@jcu.edu.au