Singapore Skyline - Photo:Photo by: Royal Norwegian Embassy in Singapore
Singapore Skyline Photo by: Royal Norwegian Embassy in Singapore

The First Business Climate Survey Conducted by Team Norway in Singapore Reveals Optimistic Outlook Amid the Covid-19 Pandemic

The report, the first of its kind, and a collaborative effort by Innovation Norway, the Royal Norwegian Embassy, and NBAS - Norwegian Business Association Singapore, provides an understanding of how Norwegian companies are faring in Singapore, including their views about the challenges they are facing.

The data collected for this survey was conducted between October 12 and November 10 last year. It drew responses from 71 Norwegian companies with presence in Singapore. The survey collected insights on a wide range of topics including sentiments on the economic outlook and business climate, the impact of Covid-19 on businesses, priorities, and challenges.

The result of the survey revealed that despite the pandemic and the imposed restrictions, about 59 percent of Norwegian companies in Singapore remained profitable in 2021 and about two-thirds expect both higher turnover and net hiring in the next 12 months. Singapore has long earned a role as a hub and door opener to the ASEAN region, with the market conditions in Singapore largely meeting the needs of Norwegian companies. According to the survey result, Singapore remains an important hub for Norwegian business.

Norwegian companies in Singapore have been negatively impacted in many ways throughout this pandemic. Closure of borders and strict quarantine measures have made business travel very difficult, affecting their ability to do business. They are also less in agreement when it comes to work culture/business mindset and labour market regulations. Many largely addressed the tightening of hiring guidelines and approval requirements for foreign Employment Pass applications/renewals. Hence, there is clearly a need to address these challenges for Singapore to remain as an attractive hub for international businesses in the future.     

Read report here:

business-climate-survey-report-singapore.pdf (                        Author of report - Erik Bucher Johannsessen, Innovation Norway