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Singapore’s Small And Medium Sized Enterprises – 50% Have Overseas Revenue

World Trade – Singapore

Open Eyes Opinion {source: IE Singapore}

Below information is on Small and Medium Sized Enterprises (SME) in Singapore.

Background Note: International Enterprise Singapore (IE)
International Enterprise (IE) Singapore is the government agency driving Singapore’s
external economy. They spearhead the overseas growth of Singapore-based companies and
promote international trade. Their vision is a thriving business hub in Singapore with Globally
Competitive Companies and leading international traders.

IE Singapore attracts global commodities traders to establish their global or Asian home
base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem
for the energy, agri-commodities and metals & minerals trading clusters.

Through their Global Company Partnership and Market Readiness Assistance, they also work
with Singapore-based companies in their various stages of growth towards being globally
competitive.

Their global network of overseas centers in over 35 locations provides the necessary
connections in many developed and emerging markets.
Visit http://www.iesingapore.gov.sg/for more information.

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50% of Singapore SMEs Now Have Overseas Revenue: More SMEs are looking to overseas markets for growth

(IE) Singapore, February 2015
1.) Internationalisation is increasingly important for growth of Singapore companies today.
At its annual Year-in-Review briefing, International Enterprise (IE) Singapore shared
that Singapore companies are now actively exploring opportunities overseas.
Internationalisation contributes to Singapore’s economy, creating good jobs and
economic linkages back to Singapore.

2.) Companies that expand their footprints overseas are able to improve their productivity,
enjoy economies of scale, access resources such as manpower and land, as well as
build new technological and business capabilities. When Singapore-headquartered
companies invest abroad, they are likely to buy products and services from other local
players. Moreover, as companies internationalise, they need more manpower in their
Singapore headquarters to identify overseas market opportunities, oversee
international operations or be based abroad. All these benefit Singapore and
Singaporeans.

3.) The above trend is supported by the growth of Singapore’s Direct Investment Abroad
(DIA). DIA-flow reached S$34billion in 2013. As of end 2013, DIA-stock reached
S$503.5billion, with investments in Asia accounting for 57%. China, Hong Kong and
Indonesia were the most popular investment destinations in Asia.

IE Singapore assisted 28,000 companies last year
4.) In 2014, IE Singapore provided broad-based assistance to 28,000 companies, a 5%
increase from the previous year. 80% of the 28,000 companies assisted were SMEs. A
total of 342 projects were facilitated across a wide range of sectors (E.g. food, retail,
infrastructure, environmental services and consumer technology) and markets (E.g.
China, Europe and Southeast Asia). Over S$44 million was approved in grants to help
companies across areas including capability development, market access and
manpower for internationalisation. In addition, IE Singapore helped companies secure
S$756 million in trade and financing loans and S$2.33 billion in insured amounts.

5.) To help Singapore companies in a customised manner, IE Singapore has been
generating interests in overseas projects by introducing leads, providing market and
regulatory knowledge as well as connections in-market. In particular, IE connects
companies to potential business partners and relevant government agencies.
Companies also receive grants and financing to help overcome challenges in project
implementation. Outlook and Opportunities
Strong fundamentals in Asia

6.) Against the backdrop of uncertain global economic conditions today, fundamentals
remain strong in Asia. The business landscape is stable. Businesses are generally
optimistic about the leadership of large markets, such as China, India and Indonesia.
Moreover, opportunities continue to arise from strong trends in developing markets
such as the growing middle income group, urbanisation and adoption of new
technologies, especially info-communications technology.

7.) Mr Teo Eng Cheong, Chief Executive Officer, IE Singapore said, “This is the time for
Singapore companies to go overseas. By expanding abroad, not only can they become
more productive, they can also develop new capabilities, new track record and global
branding that enable them to compete on the global stage. Singapore’s economy will in
turn benefit as these companies will employ more people and generate business
spending as they grow global.

Assisting more companies to be global-ready
8.) Moving forward, IE Singapore will continue to place emphasis on assisting companies
to be global-ready. Internationalisation assistance such as the Global Company
Partnership and Market Readiness Assistance will be enhanced to better support
Singapore companies in venturing abroad.

9.) In 2015, IE Singapore will continue to:
i) Increase Joint Action Plans with companies on their internationalisation journeys;
ii) Deepen in-market project facilitations though IE Singapore’s extensive network of
39 Overseas Centres;
iii) Drive more partnerships with trade associations and chambers to help companies
venture overseas;
iv) Develop Singapore as an Infrastructure Hub by anchoring project structuring and
financing activities here.

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