Fewer S’pore businesses planning forays overseas: SBF survey
SBF’s National Business Survey 2023/2024 reveals a decline in Singaporean companies planning international expansion, dropping from 65% to 57% in 2023, with large companies more cautious (52%) than SMEs (58%). Reasons for this retreat include unpredictable foreign market demand, concerns over partners, and costs associated with setting up overseas operations. Furthermore, challenges such as a lack of managers, skilled workers, funding, and regional cooperation have emerged.
SBF CEO Kok Ping Soon emphasises international growth's importance despite economic uncertainties, where SBF plans trips and initiatives to aid businesses, having aided 76% in expanding abroad in 2023. Furthermore, despite a cautious outlook, businesses prioritise revenue growth, cost reduction, and positive cash flow. Moving forward, SBF seeks government support to address cost challenges and equip businesses for future competitiveness.
- The Straits Times Online, 5 January
- The Straits Times, 6 January
