The EU and Singapore settled a free-trade agreement (FTA) – the second deal of that kind between the supranational institution and a major Asian trading partner. The agreement is significant as last year EU-Singapore trade was worth about 74bn euros (£60bn; $97bn) and Singapore is the second largest Asian investor in the EU after Japan.

The European Commissioner for Trade, Karel De Gucht, and Singapore's Minister for Trade and Industry, successfully clinched the deal, which will help the liberalisation of financial services and EU exports of cars.

An official press release from European Commission stated that this deal –not yet signed by politicians- is one of the most comprehensive agreements negotiated by the EU – which signed an FTA with South Korea back in 2011- and that it will generate new business opportunities between European and Singaporean companies.

Similarly, De Gught highlighted that “Singapore is a dynamic market for EU entrepreneurs and an important wheel in driving trade in south Asia.” He added that this agreement is vital to accelerate the growth of EU exports.

The EU is Singapore's second biggest trade partner after neighbouring Malaysia, Reuters news agency reports. The plan is to initiate the FTA in early 2013.

The new agreement is expected to ease EU companies' access to Singapore's banking and financial services and to its public procurement markets. This is particularly relevant as Singapore is one of Asia's richest countries per capita.

Acceptance of common standards should also help European car exporters, which have been hit especially hard by the economic downturn. The recognition of EU's standards will cause the removal of non-tariff barriers such as the double testing of cars.

Even though Singapore has a population of just 5 million, the country is deemed as a gateway to the 600 million people in the fast-growing economies of the 10-member Association of South East Asian Nations (ASEAN).

APAC region is world's fastest growing tourism market

Asia's tourism industry has maintained buoyant growth in the midst of the international financial crisis. According to the UN World Tourism Organisation (UN WTO), the Asia Pacific region is the world's fastest growing tourism market with an 8% growth in tourist arrivals in the first half of 2012. In contrast, there has been a 5% growth in the number of international tourists at a global scale to 467 million.

According to the Boston Consulting Group (BCG), Asia now accounts for 40% of global tourism spend.

The World Travel and Tourism Council estimates travel and tourism's direct contribution to GDB within the Asia Pacific region at about US$553.7 billion.

Similarly, the UN WTO estimates the Asian tourism is expected to grow between 4% and 6% -higher than the 3% and 4% global average.

ITB Asia's executive director, Nino Gruttke, said: “If you combine growth with market size, it's a highly, highly attractive market. Asia in itself is growing so fast and it's becoming more and more independent. And I think it's the independency that a lot of players in this region are putting their money on.”

Singapore Tourism Board's assistant chief executive, Neeta Lachmandas, said: “This is a very nascent industry for Asia, and in that are opportunities for Asia as well. We have a huge concentration of islands and yet cruising in this part of the world is obviously not as mature as say in the Mediterranean or the Caribbean. So we think that more and more cruise lines are starting to see the opportunities in Asia and obviously because Asia is also becoming a big source market for cruise travel.”

The official opening of the Marina Bay Cruise Centre Singapore (MBCCS) next week also signifies a breakthrough with Celebrity Cruises, Costa Cruises and Seabourn Cruises, which will make their homeport and maiden calls to Singapore.

ADB recommends APAC to scale up skills development and strengthen industries

According to the Asian Development Bank, countries in Asia and the Pacific, including the Philippines, need to upgrade technical and vocational training to create innovative markets and fuel sustainable and inclusive growth.

“Countries in Asia will not be able to create sufficient employment unless they address the serious skills mismatches that exist in their labour markets,” stated Bindu Lohani,

Asian Development Bank vice president for Knowledge Management and Sustainable Development, making reference to results of the lender's latest report.

“While Asia and the Pacific accounts for almost half of global unemployment, 45% of employers in the region face difficulty in finding suitable talent in their markets,” he added.

Similarly, professor and former dean at the UP School of Labour and Industrial Relations, Rene Ofreneo, said the Philippines should create and fortify industries at the same time it scales up labour skills.

“I agree… only to the extent that we should be preparing for industrial needs. Now, the question is what industries in the countries will absorb workers?”, Ofreneo told GMA News Online.

The ADB report, entitled “Skills Development for Inclusive and Sustainable Growth in Development Asia,” highlighted that countries like Philippines Cambodia, Mongolia, Pakistan and Vietnam have “a high share of low-skilled workers” compared to the rest of the region.

“These countries are faced with skills development demands for up skilling,” the report stated.

Also, a considerable proportion of informal labour force is unable to take full advantage of new opportunities in the market economy, leading to an inequitable growth.

The ADB report said: “Shifting away from the factory-driven growth model of the past requires a technically adept market-driven labour force able to generate creative, cutting edge ideas and products”.

However, “Asia's training systems are struggling to fill employers' needs. Even those with graduate degrees are lacking market-ready technical skills to be absorbed into the workforce,” it added.

Therefore, these findings lead the ADB to conclude that “equipping secondary school and university graduates with employable skills requires a shift from academically-oriented learning to demand-driven course relevant to industry needs.”

“There is greater rationale for demand-driven courses if such demand is more apparent,” Ofreneo said, stressing that Filipinos leave the country owing to its lack of employment opportunities.

What is the key to economic triumph? They all have taken a different road to achieve entrepreneurial success by means of a myriad of strategies, yet all Asian entrepreneurs agree that the path to the top takes ambition, constancy, hard work, dedication and a clear vision of one's goals.

“Businesspeople in general shouldn't have an overly narrow view of their industry, they need a 360-degree perspective and to look at everything from all possible angles” when expressing interest in European markets when many see otherwise. His core philosophy has always been “Set your goals high; make friends with different kinds of people; enjoy simple pleasures. Stand on high ground; sit on level ground; walk on expansive ground“.

Li Ka Shing, a Hong Kong business magnate and philanthropist.

“At the end of the day you have to keep emotions away (…) hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve (…) Everyone experiences tough time, it is a measure of your determination and dedication how you deal with them and how you deal with them and how you can come through them”. “Always think outside the box and embrace opportunities that appear, wherever they might be”. “When people can see which direction the leaders are going in, it becomes easier to motivate them”.

Lakshmi Mittal, Indian Steel Magnate.

“Work hard and persevere. Clear enough”, “save your first bucket of gold” – or small fortune — from work, but then use it for investments. Don't just park money in the bank. “For men, find a job that you will be happy with and work hard at. Women, in line with an old Chinese proverb, should marry the right man. Don't marry too early in life. It's better to work hard when young and establish a career first. For those already successful, money can become a controlling factor in life and make you a slave to it. One way to avoid that: Philanthropy. Giving away money to the right cause, with a leveraged effect and your own involvement in how it is spent, will give you peace of mind; try to maximize the number of people that can benefit from an individual contribution”

Lee Shau Kee, is a Hong Kong based real estate tycoon and majority owner of Henderson Land Development, a property conglomerate with interests in properties, hotels, restaurants and internet services.