SINGAPORE: More Singapore companies are expanding their footprints overseas. In its latest annual Year-in-Review released here the other day, IE Singapore said local firms that make an overseas foray are able to improve productivity, gain access to more resources and build new business capabilities. This will in turn benefit Singapore and Singaporeans, it said.
According to its latest numbers, 50 per cent of local small and medium-sized enterprises (SMEs) now have offshore revenue.
Homegrown online fashion retailer Love, Bonito, has taken its first stride in exploring overseas opportunities, with the help from IE Singapore.
Love, Bonito said it has seen “very encouraging results”, and that guidance from the agency helps minimise risks. Co-founder Viola Tan said: “IE definitely opened up doors for us. When we decided to go into the Malaysian market, we had no contacts whatsoever, IE managed to connect us with local malls so at least we got to take a look the infrastructure.
“We did our market research. They advised us in terms foot traffic for the shopping malls, and introduced contacts like a good PR firm.”
Overall, IE Singapore said it helped 28,000 companies with their overseas ventures last year, which is a 5 per cent jump from 2013. Out of the total, 80 per cent were SMEs.
It also facilitated a total of 342 projects last year across a wide range of sectors and markets, to turn local firms into globally competitive players.
It said over S$44 million were approved in grants to help companies in areas such as capability development, market access and manpower needs. In addition, the Government agency has helped companies secure S$756 million in trade and financing loans and S$2.33 billion dollars in insured amounts.
The Joint Action Plan, launched in 2013, has so far benefited more than 100 companies, providing them with market knowledge and connections.
IE Singapore CEO Teo Eng Cheong said: “Essentially, this is a long term three year plan with the company on what they hope to achieve outside of Singapore, the milestones they can ‘visualise’, and how IE can better support them.
“So after having a joint action plan with the company, we are very clear about what kind of targeted help we can provide with the companies, the milestones, achievements, and what the companies hope to have in one to three years’ time.”
IE Singapore said it remains committed to partner even more Singapore firms that are ambitious to become global brands, including the smaller players who are equipped and driven, with its various customised schemes.
In 2015, it aims to increase its Joint Action plans, deepen in-market project facilitations, drive more partnerships with trade associations and chambers, as well as help develop Singapore as an infrastructure hub by anchoring project structuring and financing activities here.
