IE Singapore moves to boost firms' chances of securing World Bank-funded projects

INTERNATIONAL Enterprise (IE) Singapore has co-organised a workshop with the World Bank to help local companies better understand the Bank's procurement system to increase their chances of securing infrastructure projects globally.

The first outreach workshop in Singapore for companies held on Wednesday provides an introduction as well as overview of the procurement process for World Bank-funded projects.

"Singapore companies have the necessary expertise along the infrastructure value chain to competently deliver projects in Asia and beyond," said IE Singapore chief executive Lee Ark Boon in a statement.

"This workshop opens up another avenue of project leads as we help our companies navigate World Bank's procurement process and better appreciate the requirements of bank-funded projects," he added.

The World Bank approved US$42.5 billion for 302 projects globally in 2015. Of these projects, 57 were in the East Asia and Pacific region, and 103 in Africa.

At the session, the World Bank will share emerging trends in the water, transport and information and communications technology sectors - all areas which IE Singapore says there is potential for Singapore companies to tap - as well as case studies of projects in the region and the processes.

The World Bank recently updated its procurement framework, shifting its focus from lowest evaluated compliant bids to best overall value for money in terms of quality, cost and other factors, said IE Singapore.

"Singapore companies should compete on quality rather than cost, to bring better value to all project stakeholders," it added.