Progress and Challenges of Facilitating Singapore Companies' Expansion into ASEAN

Debated in Parliament on 7 May 2024.

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Singapore's trade with ASEAN grew 14% to $295.6 billion in 2023, and direct investment into the region rose 37% from 2018 to 2022.
Enterprise Singapore supported about 2,000 expansion projects into ASEAN in 2023, up from around 700 in 2019, and operates eight overseas centres in the region.
Companies face challenges such as uncertain demand, unpredictable business environments, manpower shortages for overseas markets, and high internationalization costs.
Enterprise Singapore collaborates with partners like the Singapore Business Federation to provide advisories and facilitate business projects, with GlobalConnect@SBF offering over 550 advisories and 100 projects since 2022.
The government continues to use various tools and networks to help Singapore companies overcome these hurdles and expand into ASEAN.

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Desmond Choo

Mr Desmond Choo asked the Minister for Trade and Industry (a) what has been the progress of helping Singapore companies to expand into ASEAN; (b) to date, how many companies have since expanded into ASEAN with the assistance from Enterprise Singapore; and (c) what are the challenges faced by companies which the Ministry has identified when helping them to expand into ASEAN.

Gan Kim Yong

The ASEAN region is an important market for our Singapore companies. Singapore's trade and investment with ASEAN countries have registered double-digit growth over the past five years. In 2023, the total trade between Singapore and our Southeast Asian neighbours collectively stood at $295.6 billion, a 14% increase from 2019.1 Singapore's Direct Investment Abroad (DIA) into the ASEAN region also increased 37%, from $164.6 billion in 2018 to $226.1 billion in 2022.2

In 2023, the Singapore Business Federation (SBF) surveyed companies regarding the challenges they faced in doing business in the ASEAN region. The most commonly cited challenges were: (a) uncertainties about demand; (b) unpredictable business environment; (c) lack of suitable manpower to develop overseas markets; and (d) the costs involved in internationalisation.

Enterprise Singapore (EnterpriseSG) has a wide range of tools to help Singapore companies facing these challenges. In 2023, EnterpriseSG supported some 2000 projects from companies seeking to expand into ASEAN markets. This was an increase from around 700 projects in 2019.

EnterpriseSG also has a network of over 35 Overseas Centres around the world, including eight in the ASEAN region. These centres help to connect Singapore businesses with in-market opportunities and partners. Furthermore, EnterpriseSG works closely with our trade associations and chambers to leverage their network and industry expertise. For instance, EnterpriseSG partners with the SBF on GlobalConnect@SBF, which has provided close to 550 advisories and facilitated over 100 business projects for enterprises in the region since November 2022.

Summary written by AI (learn more)

Singapore's trade with ASEAN grew 14% to $295.6 billion in 2023, and direct investment into the region rose 37% from 2018 to 2022.
Enterprise Singapore supported about 2,000 expansion projects into ASEAN in 2023, up from around 700 in 2019, and operates eight overseas centres in the region.
Companies face challenges such as uncertain demand, unpredictable business environments, manpower shortages for overseas markets, and high internationalization costs.
Enterprise Singapore collaborates with partners like the Singapore Business Federation to provide advisories and facilitate business projects, with GlobalConnect@SBF offering over 550 advisories and 100 projects since 2022.
The government continues to use various tools and networks to help Singapore companies overcome these hurdles and expand into ASEAN.

Questions identified by AI (learn more)

Progress and Challenges of Facilitating Singapore Companies' Expansion into ASEAN | PAPERCUTS

Progress and Challenges of Facilitating Singapore Companies' Expansion into ASEAN

Debated in Parliament on 7 May 2024.

Summary written by AI (learn more)

Singapore's trade with ASEAN grew 14% to $295.6 billion in 2023, and direct investment into the region rose 37% from 2018 to 2022.
Enterprise Singapore supported about 2,000 expansion projects into ASEAN in 2023, up from around 700 in 2019, and operates eight overseas centres in the region.
Companies face challenges such as uncertain demand, unpredictable business environments, manpower shortages for overseas markets, and high internationalization costs.
Enterprise Singapore collaborates with partners like the Singapore Business Federation to provide advisories and facilitate business projects, with GlobalConnect@SBF offering over 550 advisories and 100 projects since 2022.
The government continues to use various tools and networks to help Singapore companies overcome these hurdles and expand into ASEAN.

Questions identified by AI (learn more)

Full Transcript

Desmond Choo

Gan Kim Yong

Summary written by AI (learn more)

Singapore's trade with ASEAN grew 14% to $295.6 billion in 2023, and direct investment into the region rose 37% from 2018 to 2022.
Enterprise Singapore supported about 2,000 expansion projects into ASEAN in 2023, up from around 700 in 2019, and operates eight overseas centres in the region.
Companies face challenges such as uncertain demand, unpredictable business environments, manpower shortages for overseas markets, and high internationalization costs.
Enterprise Singapore collaborates with partners like the Singapore Business Federation to provide advisories and facilitate business projects, with GlobalConnect@SBF offering over 550 advisories and 100 projects since 2022.
The government continues to use various tools and networks to help Singapore companies overcome these hurdles and expand into ASEAN.

Questions identified by AI (learn more)

Progress and Challenges of Facilitating Singapore Companies' Expansion into ASEAN

Summary

Questions Identified

Full Transcript

Desmond Choo

Gan Kim Yong

Summary

Questions Identified

Progress and Challenges of Facilitating Singapore Companies' Expansion into ASEAN

Summary

Questions Identified

Full Transcript

Desmond Choo

Gan Kim Yong

Summary

Questions Identified