Singapore SMEs Must Press on With Globalization

Spread the Word
Listed Under


* Business

* Singapore - Singapore - Singapore

SINGAPORE - Oct. 23, 2019 - PRLog -- In spite of the worldwide economic growth slowdown and disturbances caused by trade tensions, the deputy CEO of Enterprise Singapore (ESG), Kathy Lai, urged Singapore's small and medium-sized enterprises to venture out of the local market and expand abroad.

In The Business Times, Lai stated that overseas opportunities offer compelling markets for Singapore incorporation services and local entrepreneurs to grow their business.

ESG has always looked for new initiatives to let the country's companies, including the company incorporation and businesses, to penetrate new markets.

Back in July, the ESG's "Scale-up SG" strategy launched with about twenty-five participants. This scheme aims to train companies in the country that have the opportunity to become industry leaders, both regionally and globally.

Lai also revealed three significant hurdles that the company incorporation and businesses are currently facing, including intensive competition, slow demand, and the need for cost-maintenance.

She also stated the need for sustaining jobs that momentarily suffer the current cyclical downturn, and to pour in every effort to keep such posts. Nevertheless, some jobs have become obsolete, and the ESG is motivating individuals to retrain themselves.

Lai warned that Singapore incorporation services and local businesses would face many trade barriers and conflicts. However, they cannot afford to hesitate on expanding overseas amid domestic and foreign competition amid domestic and international competition.

She stated that globalization is no longer something people can sleep on, considering that the barriers to market penetration decreased owing to technology and communication advancement. Companies should enter the game as soon as they can since success is undoubtedly achieved only after going through failures.

According to Mr. Hans Teo, the General Manager of Corporate Services Singapore, improving internal controls and efficient planning are the keys to success company incorporation both in the country and abroad. Hence, seeking the help of a company incorporation expert will be undoubtedly beneficial for SME's. Read

Despite the forecasted economic slowdown of China in 2020 by the International Monetary Fund, Lai described the situation as a general tide that heads downwards, instead of specific markets going south. She also stated that they must not assume that all markets will suffer a slowdown. Companies can grab some great opportunities using the targeted approach in terms of sectors and regions.

The ESG encourages companies to diversify their businesses in China. While the coastal cities of China may be overly saturated, some other parts of this massive country still have loads of unfulfilled demands. These are most likely to be found in the western part of the country and the growing second-tier cities.

Corporate Services Singapore
Location:Singapore - Singapore - Singapore
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Corporate Services Singapore News
Most Viewed
Daily News

Like PRLog?
Click to Share