There are many reasons why Singapore would be a very compelling market for Swiss exporters. Firstly, it has a very attractive
consumer base. Singapore is the richest economy within the Association of Southeast Asian Nations (ASEAN), and the 3rd
richest country in the world1
. The bulk of the population is regarded as middle income consumers who lead a comfortable
lifestyle and have aspirations for fine living. They are the largest pool of active consumers and will continue to drive increased
consumption of imported food, especially from countries like Switzerland. There is also the top tier of income earners
comprising both Singaporeans and expatriates with an annual income of more than US$150,000 which is influencing the food
and beverage market. Major retailers are increasingly setting aside shelf space for premium food and beverage products, and
more world-renowned chefs are setting up fine dining restaurants in Singapore to take advantage of this growing consumer
class. Finally, the large tourist numbers that visit Singapore every year are also adding to consumer demand. In 2012,
Singapore attracted over 10 million visitors to its shores, as large as other famous tourist destinations in Asia like Thailand.