Small and medium enterprises (SMEs) in Southeast Asia, particularly in Singapore, have been urged by industry experts to focus more on domestic markets in wake of the ongoing economic crisis. With demand shrinking drastically in major markets like the US and the European countries, small businesses in Singapore have been recommended to lay emphasis on domestic economies as potential markets for their products and services.
Besides Singapore SMEs, small enterprises in other Southeast Asian countries like Vietnam, Malaysia and Thailand have been advised to look at improving the quality of their products and cater to the demand of the domestic markets. They have been recommended to set a higher standard in their markets to benefit from their local clients.
Officials of the Noviscape Consulting Group, a Social Technology Enterprise (STE), in Thailand, pointed out that SMEs catering to international markets have been severely mauled in the recent past due to altered economic climate. Thus small businesses in Southeast Asian countries have been advised to work closely with their second-tier local SMEs and local authorities for developing their own local markets.
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Saurabh Garg
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