Singapore will be building a talent pipeline for firms entering the Latin American market, according to a survey by IE Singapore, a government agency that drives external economy.
It is anticipating the need for workers in Singapore to be familiar with the business environment of Latin America, as businesses between the two regions are expected to be ramped up in the coming years.
G.Jayakrishnan, Group Director for Americas, IE Singapore said: “Emerging markets will be the engine of growth for the world. While these markets will experience ups and downs, we see an upward trajectory. To remain relevant, Singapore companies must have long-term strategies to engage these regions. Asia and Latin America are among the fastest growing regions in terms of GDP between 2001 and 2011, with compound annual growth rates exceeding the world’s growth rate at 2.4% over the same period.”
IE Singapore also signed a memorandum of understanding with Brazil on Wednesday.
IE Singapore will work with tertiary institutions here such as National University of Singapore, Singapore Management University and Singapore University of Technology and Design to organise student exchanges and internships in Latin America. This will pave the way for more Singaporeans to have a better knowledge and understanding of the region, providing a future pool of global workers.
Likewise, students from Latin America will also come to Singapore to find out more about doing business here.
Garcia, co-chairman of the Emerging Markets Forum and president and CEO of Development Bank of Latin American, added: “I am certain that our young leaders will be inspired by Singapore’s extraordinary transformation over the last few decades. They will build strong professional bonds here, which will be key to their careers in the public and private sectors.”