GM to move intl operations HQ to Singapore
Industry giant General Motors said it will move its international operations headquarters to Singapore in the second quarter next year, local media reported on Thursday.
The company has separated its operations in the China market from the unit taking care of its businesses in other markets in August this year, saying that the move would allow it to better concentrate on the Chinese market, which is single largest market for it in the world.
Observers also said that the separation will allow the international operations unit to boost its efforts in exploring the other emerging markets in Asia and Africa so that they won't be overshadowed.
Local Chinese daily Lianhe Zaobao quoted Lori Arpin, vice president for communications at General Motors international operations, as saying that Singapore offers many benefits, including its being close to markets such as Southeast Asia, India, Middle East and Africa.
The HQ in Singapore, with a headcount of about 120, will oversee the operations in Asia Pacific, Africa and the Middle East, as well as the operations of its Chevrolet and Cadillac brands in Europe.
Singapore has been successful in attracting the regional headquarters of multinationals in recent years with its business- friendly environment and the rule of law. It is also attractive from a tax point of view as the corporate tax rate in Singapore is only 17 percent.
The government has also been offering tax incentives for multinationals to set up operations in Singapore with certain strings attached, such as commitments in the creation of jobs and capital investments.
- 2013 Brand China Annual Figure Welcome Ceremony was held in BeiJing
- 2013 Brand China Annual Figures Television Awards Ceremony was held in Beijing
- The night of Top Grade Heaven •The Seventh Brand China Festival VIP Welcome Dinner held in Beijing
- the night of Top Grade of the Heaven--the Seventh Brand China Festival Television Aaward Ceremony
- Thousands of Famous Brands gleaned at Brand Festival with the “The Chinese Dream”
- 2009 Brand China Women’s Summit Forum
- “The Brand Olympics”to be Held on Aug.8
- The 4th Brand China Festival Curtain Fell in Beijing