How Enterprise Singapore helps businesses to expand in India, other countries?
By Lee Kah Whye Since its inception in April 2018, Enterprise Singapore (EnterpriseSG) has been helping Singapore businesses expand overseas.
EnterpriseSG is a government agency within the Singapore Ministry of Trade and Industry that supports Singaporean SMEs (small and medium-sized enterprises) by helping them to improve their capabilities, innovate, transform and grow in the international. It also supports Singapore’s growth as a global business and startup hub and builds trust in Singaporean products and services through quality and standards. In addition, he develops strategies that enable businesses in specific industries in Singapore to enter new markets, drive regional expansion and internationalize through alternative formats. A case in point is Singapore’s updated Retail Sector Transformation (ITM) 2025 map, which launched about a week ago and does just that. Its aim is to build a hub of global brands in Singapore and improve the quality of jobs in the sector. It does this with the help of other Singapore government agencies, including the Singapore Tourism Board.
When the COVID-19 pandemic hit in 2020, EnterpriseSG and other government agencies in Singapore increased their efforts to ensure that affected industries were supported with various support and training programs, as well as positioned for the growth with other less impacted organizations as borders reopen. and business returned to normal. This approach has paid off as Singapore’s economy is one of the fastest growing in Asia at the moment. A survey of economists by Bloomberg predicts that it will achieve 3.9% growth in the third quarter. Singapore’s financial sector is booming as its COVID strategy has allowed it to reopen safely much faster than its regional competitors, especially those in North Asia.
As rival financial hub Hong Kong faces a talent drain as expatriates and locals leave, Singapore’s finance minister and future prime minister Lawrence Wong is looking to boost jobs in the sector by more than 10% by creating 20,000 jobs by 2025. EnterpriseSG supported approximately 80 companies in projects in Africa, India and Latin America between January and May. This is 50% more than the same period in 2019 before the pandemic hit.
The easing of border restrictions has also allowed the government agency to resume physical trade missions and visit trade shows. Among the missions he has led are a mission led by the Singapore Precision Engineering and Technology Association in Mexico in October and another on the built environment in Ghana and Ivory Coast the same month. At the beginning of 2023, a mission to India for furniture companies is in preparation. EnterpriseSG also has a presence in many countries where it helps Singapore businesses operate. They do this through their 36 centers abroad, each headed by a regional director. These centers work with businesses in areas such as facilitating business opportunities, sharing policy updates, and helping businesses adjust their strategies for entering new markets.
She believes that a diverse global presence allows her to help companies take the first step or adapt quickly to changes. Most businesses in Singapore generally prefer to grow in nearby and safe markets like Indonesia, Vietnam or China, while places like India, Africa and Latin America seem too remote, unknown and intimidating. However, these markets could offer potential for Singaporean companies looking to diversify and grow.
The most recent Overseas Center was established in Nairobi, Kenya in 2018 following growing interest from Singaporean companies seeking to enter East Africa. Most Singaporean small businesses venturing into these markets do so with the help of local partners, which include joint ventures and distribution partners.
However, Ms. Sabrina Ho, Regional Director of EnterpriseSG’s New Delhi hub, believes there are limits to a partnering approach, as Singapore companies end up having limited exposure to field operations. Indeed, most of the work and risks in these partnerships are assumed by the local partner. “We recommend that companies communicate regularly with their local partners and also consider short-term trips, to learn more about … the market landscape,” she told the Straits Times, the main language newspaper. English from Singapore.
She recommends companies and startups work on building a small market presence by deploying executives to India or rehiring Indians who have returned from Singapore. This method tends to establish a more meaningful and longer-term presence in the market, but Singapore players tend to prefer the partnership approach as it allows them to establish operations more quickly. Ho further explained how EnterpriseSG has stepped up its collaboration with partners such as trade associations in India and Singapore, going beyond facilitating business-to-business engagements and networking sessions.
“We work with them to help leading Singaporean companies before they enter the market, as well as to create a network of Singapore-based Indian companies and other contacts for Singaporean companies to engage directly, even without entering directly. in India,” she said. (ANI)
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)