Singapore Manufacturing Federation (SMF) welcomed the delegation from Czech Republic lead by the Business Ties Co. on the 22nd November 2018. Speakers from the Czech embassy, the Czech Ministry of Trade & Industry and European Chamber of Commerce were on hand to give short presentations on various topics relating to Czech Republic. A business-to-business meeting session was organized by SMF to provide local companies a valuable opportunity to meet with representatives from Czech Republic and to provide a platform for business discussions between Singapore companies and Czech Companies. A majority of the Singapore companies participated in the meeting expressed interest in creating potential business partnerships with Czech companies and that SMF provided a platform for Singapore companies to meet up with European companies through the efforts of the Enterprise Europe Network (EEN) Singapore.
Czech Republic is a European Union member country located in Central Europe with a 10.6 million population that is bordered by Germany, Austria, Slovakia, and Poland with its capital based in Prague. Czech Republic is a developed export-oriented social market economy based in services, manufacturing and innovation that maintains a high-income welfare state and the "continental" type of the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union, but uses its own currency, the Czech koruna, instead of the euro. The Czech Republic is Singapore’s 16th-largest trading partner in the European Union, with bilateral trade amounting to S$851.5 million in 2016.