Attracting Chinese companies into Singapore may lead to the Republic’s small and medium enterprises (SMEs) having more competition, but it also means more opportunities for the SMEs to gain a share of the Southeast Asia market.
Senior Minister of State for Trade and Industry Lee Yi Shyan said this when he spoke to Channel NewsAsia at the China-ASEAN Expo in Nanning on Wednesday (Sep 17). The Singapore Day seminar, held at the China-ASEAN Expo, attracted about 300 representatives from various companies in China which wanted to learn more about setting up a business in Singapore.
With more of these companies setting up in Singapore, Mr Lee foresees more collaborations between local and the Chinese companies, to venture into a larger market.
He said: “There are more opportunities than we can individually tackle. So one way is to combine our strengths in terms of our capabilities and some of the companies’ human resources or their skill of operations to address some opportunities in the region. I see it as a win-win for many of our companies.”
One attraction for investors is that Singapore is the world’s second-largest offshore yuan centre, which enables businesses to trade directly in Chinese yuan.
Mr Lee also shared that financial institutions are looking into creating more Chinese yuan-related investment products in Singapore to boost the Chinese yuan market.
Source : Channel News Asia | September 17, 2014