Positive moves to tackle shortage of Singapore MNCs

GETTING local companies to venture overseas to build the "external wing" of the Singapore economy is nothing new. But ever since internationalisation was proposed as an economic strategy back in 1993, just how many globally competitive companies have made a name for themselves worldwide, if we exclude government-linked corporations?

Of course, there are some lifestyle and consumer brands that one thinks of, such as Charles & Keith, Tiger Beer, and Jumbo Seafood. But it is nowhere close to the level of having a sizeable pool of home-grown multinationals that are able to compete with the very best on the world stage.

This is a result of legacy issues, as Singapore had initially depended on multinationals (MNCs) to drive its economy while the grooming of promising local enterprises took a backseat. But after almost three decades of talking about growing Singapore's "external wing", there are now glimmers of promise, even as the global environment remains challenging.