Local firms seek new markets amid Covid-19, but change tack

They switch to expansion tactics involving less physical interaction, as virus-related travel restrictions hinder business dealings.

Published Mon, Sep 14, 2020 · 09:50 PM

Singapore SMEs

THE novel coronavirus pandemic has not stopped Singaporean firms from expanding overseas as they seek new markets to make up for weaker demand during this period.

But the nature of the pandemic has forced them to switch to expansion tactics involving less physical interaction, which are also useful as virus-related travel restrictions hinder business dealings.

From January to August this year, there were over 300 internationalisation projects by local businesses looking to enter a new South-east Asian market, a 7 per cent increase compared to the same period last year, according to Enterprise Singapore (ESG).

This is as more companies focused on "diversifying into the region to address the demand deficit", said ESG assistant CEO Tan Soon Kim. The projects, supported by the government agenc…