Singapore is 6th-most attractive for business expansion

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The Republic has been ranked as the sixth-most desirable country in the world and third in Asia Pacific by companies looking to expand their business overseas, a survey by communications company BT found.

Released on Wednesday (July 16), the survey said respondents cited Singapore’s potential customer base and affluence of citizens as the most crucial factors contributing to the country’s high ranking. The nation’s IT skills,  quality of governance and IT security, were also named as factors attracting businesses to expand here.

About 41 per cent of the respondents in India chose Singapore as an excellent destination to grow their business. Furthermore, 47 per cent of respondents in India and 48 per cent in China are currently or planning to expand into Singapore, the survey found.

SINGAPORE BUSINESSES BRANCHING OUT

Among the Singapore respondents, 76 per cent believe that international expansion is highly essential for the success of their organisation. A total of 84 per cent said that growth opportunities are the main reason prompting them to expand overseas.

Singapore businesses chose the United States and Hong Kong as their desired destinations for expansion due to their potential customer base, followed by China, Indonesia and Thailand.

Respondents to the survey indicated that the lack of an adequately competent IT infrastructure was one of the key challenges hindering their overseas growth. A total of 96 per cent of Singapore respondents said they were hindered to some extent by the digital infrastructures of their most desired markets.

The report surveyed 1,150 business leaders in 13 regions, including 350 respondents from Asia Pacific. The survey was conducted online between April and May this year.

 

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Source : Channel News Asia | July 16, 2014

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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