1 in 2 SMEs now collecting revenue from overseas

Locally, they can only do so much.

Singapore’s small economy is always a big limitation to companies, including the relatively smaller ones.

According to International Enterprise (IE) Singapore, internationalisation is increasingly important for growth of Singapore companies today.

At its annual Year-in-Review briefing, International Enterprise (IE) Singapore shared that Singapore companies are now actively exploring opportunities overseas.

IE Singapore adds that when Singapore-headquartered companies invest abroad, they are likely to buy products and services from other local players. Moreover, as companies internationalise, they need more manpower in their Singapore headquarters to identify overseas market opportunities, oversee international operations or be based abroad.

In 2014, IE Singapore provided broad-based assistance to 28,000 companies, a 5% increase from the previous year. 80% of the 28,000 companies assisted were SMEs. A total of 342 projects were facilitated across a wide range of sectors (E.g. food, retail, infrastructure, environmental services and consumer technology) and markets (E.g. China, Europe and Southeast Asia).

Here’s more from IE Singapore:

Over S$44 million was approved in grants to help companies across areas including capability development, market access and manpower for internationalisation. In addition, IE Singapore helped companies secure S$756 million in trade and financing loans and S$2.33 billion in insured amounts.

To help Singapore companies in a customised manner, IE Singapore has been generating interests in overseas projects by introducing leads, providing market and regulatory knowledge as well as connections in-market. In particular, IE connects companies to potential business partners and relevant government agencies. Companies also receive grants and financing to help overcome challenges in project implementation.