'Team Singapore' partnerships a key route for internationalisation

Singapore

THE success of the GlobalConnect@SBF programme, which has facilitated 15 projects by Singapore businesses and helped establish them in overseas markets, showcases how Singapore businesses can come together as Team Singapore when internationalising.

Speaking at the GlobalConnect@SBF Showcase, Minister for Trade and Industry Chan Chun Sing noted that the exhibited companies fell into three categories: small and medium-sized enterprises (SMEs) partnering each other, SMEs partnering Enterprise Singapore (ESG) or the Singapore Business Federation (SBF), and smaller companies partnering large enterprises.

Mr Chan was the guest of honour at Friday's showcase where he also witnessed the signing of two strategic partnerships with UOB and Keppel Land under the GlobalConnect@SBF Strategic Partnerships platform.

The partnership between SBF and UOB will grant businesses access to UOB's Foreign Direct Investment (FDI) Advisory Unit's network of 10 FDI centres, providing them with better trade and investment opportunities.

The partnership with Keppel Land on the other hand will provide Singapore businesses with instant landing points through KLOUD serviced co-working spaces overseas.

SBF has, through its GlobalConnect@SBF programme, successfully facilitated 15 projects by Singapore businesses in Indonesia, Malaysia, Thailand, Vietnam, the US and Turkey.

The business federation has also reached out to 2,500 companies and provided more than 900 specific market advisories.

To further support businesses venturing into Asean, SBF has established two Singapore Enterprise Centres in Jakarta and Ho Chi Minh City respectively.

Examples of companies which were showcased on Friday include a collaboration between GlobalConnect@SBF and the Singapore Food Manufacturing Association (SFMA. They undertook a pilot market entry initiative that has helped 12 Singapore food manufacturers successfully place their 52 local food products in the Vietnamese market.

The products were packaged into limited-edition Singapore food hampers and sold at supermarkets in Vietnam during the festive holidays.

Mr Chan noted that the Southeast Asia Manufacturing Alliance (SMA), a tripartite agreement between the Singapore Economic Development Board, Enterprise Singapore (ESG) and private sector partners, works on the same premise.

"Going forward we hope to see many more such examples so that we can boost our internationalisation efforts and help many more Singaporean companies," he said.

GlobalConnect@SBF was set up by SBF in partnership with Enterprise Singapore to support companies on their expansion plans. Its focus is on Asean, frontier and emerging markets, FTA (free trade agreement) education and outreach, and markets along the Belt and Road.

"What makes GlobalConnect very different from almost any other programme that exists today is that the success of the programme is tied to the commercial success of our Singapore companies. It's not just about business matching or bringing the company to the market," said Darius Lim, assistant chief executive officer, Global Business, at SBF.

Depending on the company's intent, these "hard KPIs (key performance indicators)" can be measured based on whether or not the Singaporean company makes an investment, does a joint-venture MOU with a target company, or locates a franchisee.