11-4-2024 (SINGAPORE) Temasek inaugurated an office in Paris on April 10, marking its third establishment in Europe and extending its global presence to 13 offices across nine nations.
The Singapore-based investment firm stated that the new Paris office, alongside its existing London and Brussels offices, will enhance accessibility to investment and partnership opportunities, as well as tap into the talent pool across the European Union (EU) and the broader Europe, Middle East, and Africa (EMEA) region.
A spokesperson from Temasek informed The Straits Times that the company aims to invest between S$20 billion to S$25 billion in the EMEA region over the next five years.
As of March 31, 2023, Temasek’s net portfolio value stood at $382 billion. Since 2011, its exposure to the EMEA region has surged nearly fivefold to $47 billion, constituting 12 per cent of its portfolio.
During a reception at the Le Petit Palais art museum to mark the office’s opening, Temasek chairman Lim Boon Heng reflected on the economic uncertainties plaguing Europe following the global financial crisis when Temasek established its first European office in London a decade ago. Despite financial crises impacting several European countries, Lim emphasised Temasek’s commitment to bridging Europe and Asia and partnering with European companies.
He outlined Temasek’s investment focus on four structural trends: digitisation, sustainable living, future of consumption, and longer lifespans. Notable investments in French companies include digital health insurer Alan, e-commerce platform ManoMano, and quantum computing firm Pasqal.
Lim highlighted Temasek’s dedication to energy transition technologies, given Europe’s leadership in this domain, as part of its contribution towards accelerating the global net-zero journey.
Nagi Hamiyeh, Temasek’s new head of EMEA, underscored the excellence of European firms in sectors aligned with Temasek’s investment focus and expressed the company’s intent to deploy significant capital into globally leading companies and promising emerging enterprises in these areas.
The inauguration of the Paris office coincides with Temasek’s 50th anniversary in 2024.
Deputy Prime Minister and Finance Minister Lawrence Wong, present at the event, stressed the importance of strengthening connections between countries and regions amid heightened global competition and conflicts. He acknowledged the challenges posed by conflicts in Europe, the Middle East, and Africa, along with the rise of protectionism worldwide.
Wong acknowledged the opportunities present in various regions, highlighting Europe’s significance as the world’s largest trading bloc, with innovative French and European companies leading the way. He also noted the growth potential in the Middle East, Africa, China, India, and the ASEAN region.
Singapore’s role as a connector and hub for Asia to the world and vice versa was underscored by Wong, who emphasized the nation’s commitment to deepening cooperation with partners like France. He highlighted the robust bilateral relationship between Singapore and France, which will mark its 60th anniversary in 2025.
Wong’s visit to Europe includes meetings with French leaders, including President Emmanuel Macron, as part of efforts to strengthen ties between Singapore and France.
The Temasek event saw attendance from Foreign Minister Vivian Balakrishnan, France’s Minister of the Economy, Finance, Industrial and Digital Sovereignty Bruno Le Maire, and French Interior Minister Gerald Darmanin, along with more than 200 guests and partners from across Europe, Asia, and the Americas.
In his remarks, Minister Le Maire welcomed Temasek’s new office to France, commending Singapore’s economic and financial success despite its small geographical size.
