Given the size of the domestic economy, Singapore-based companies have long been encouraged to venture overseas to explore new markets and expand operations. The recent Budget 2022 unveiled a new initiative called Singapore Global Enterprises which aims to customise assistance for larger local enterprises to scale up and invest overseas. This will be coupled with a talent development programme called the Singapore Global Executive Programme.
While these new initiatives will come in handy to help local companies navigate the many variables that they may face when venturing abroad, 1 area that enterprises may need help in is in finding solutions to mitigate supply chain chokepoints that could arise from future disruptions.
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The writer is senior research fellow at the Institute of Policy Studies, National University of Singapore.
Top photo from Freepik.