How to trade coffee in Singapore: the rules
A coffee shop in Singapore.
“We’ve got to make sure we get a decent coffee at a reasonable price,” Mr Wong said.
“We’re going to have to take a lot of risk, but we’re going through with it.”
Singapore’s coffee industry has become increasingly sophisticated over the last few years, with Starbucks, which opened its first coffee shop a decade ago, now offering more than 400 cafes.
But the coffee business is still a relative newcomer to Singapore, having started as a small business selling milk and milk products in the late 1960s.
There are now more than 7,000 coffee shops in Singapore, with a total of 1,800 coffee shops.
Singapore’s booming coffee market is fuelled by a combination of rising incomes and the availability of cheap cheap ingredients like coffee beans and coffee paste.
The country’s most expensive coffee, priced at RM7,000 ($11,934) per pound, has been the focus of a fierce debate among economists and consumers.
Some have argued that it is too expensive for Singaporeans to spend a lot on coffee, as the country has become more and more reliant on imported products.
Others have argued for the coffee to be priced lower than that.
It is difficult to say how much the coffee market will continue to grow in Singapore and how much consumers will have to pay for it, since it is only a handful of small coffee shops that can sell it for a decent price.
Mr Wong, who was in charge of the cafe for the past two years, said he wanted to help the coffee industry grow.
As the country’s largest coffee company by volume, he hopes that he can bring in more customers and bring his brand more into the Singapore market.
To do that, he will need to take some risk.
“I think it’s good to be successful, but there’s a lot more to it,” he said.
More to come.