Singapore joins Asia in cost, labour concerns

[SINGAPORE] Rising costs, shortage of skilled workers, and flagging customer demand are top concerns among Singapore businesses, which are investing in their talent pool and information technology to overcome these hurdles, a survey on Monday showed.

The UOB Asian Enterprise Survey 2014 - on the impact of trade flows on Asian businesses' regional expansion - noted that while Singapore firms are looking beyond the shores for growth, they are also tackling major challenges on the home front.

Some of the demographic challenges include a low birth rate and an ageing population. This translates to a smaller base of working-age citizens which has led many corporations to depend on overseas labour.