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Most German companies in Singapore see their situation as satisfactory or good
GERMAN companies in Singapore perceive the country's general situation as stable but not as good as a year ago, a survey showed.
The majority (84 per cent) described their company's situation as satisfactory or good, according to a survey by the the German-Asean Business Council.
Compared to the same time last year, 41 per cent felt that the overall economic situation is about the same, whereas 55 per cent said that it is not as good as 12 months ago. Only 4 per cent regarded the overall economic situation as better than last year.
Looking ahead, 57 per cent feel the overall economy will be the same 12 months from now.
Staff numbers in German companies in Singapore remained the same or have increased over the last year.
About half of the companies said that their workforce has remained the same in the past 12 months and will remain the same in the coming year. Meanwhile, 30 per cent of the companies said that they have boosted their workforce since last year. Thirty-six per cent plan to increase their workforce during the next 12 months. Seventeen per cent reduced their workforce last year and 13 per cent expect to do so in the near future.
Companies cited key factors for engagement in Singapore as the availability of skilled labour and the general economic stability.
Wolfgang Huppenbauer, president of the Singaporean-German Chamber of Industry and Commerce (SGC), said: "Singapore is currently a strong base for more than 1,500 German companies. However, rapid developments in industrial production, urbanisation, use of ICT and many other factors will shape the future of the entire Asean region. Singapore will have to lead in certain areas to stay ahead of competition."