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BUSINESSES of all sizes should be rejoicing over the goodies distributed in this year's Budget announcement. Particularly, the measures targeted at helping Singapore companies internationalise send a clear message that local businesses need to look beyond the domestic market in order to achieve breakthroughs in growth.
Foreign revenue generated by the top 1,000 companies in Singapore by revenue (Singapore 1000) has increased steadily from S$149.9 billion in 2011 to S$223.9 billion in 2014. This upward trend is similarly seen in the SMEs. The top 50 SMEs ranked as having the highest overseas turnover derived revenue of S$1.78 billion in 2014, a 29 per cent increase from S$1.38 billion in 2011.
With the expected formation of the Asean Economic Community (AEC) by the end of 2015, it will not be a surprise that international revenues will continue along the upward trend.
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