Initiatives that will provide businesses with a boost in expanding overseas announced at Budget 2018 are promising, but there are limitations to government assistance, say two researchers from the Institute of Policy Studies.
SINGAPORE: The Government’s observation in Budget 2018 of a “shift in global economic weight towards Asia” is timely. Singaporean companies have been shown to be able to perform well overseas.
In 2016, a survey conducted by IE Singapore found that for small- and medium-sized enterprises that had ventured abroad, overseas revenue growth was significantly stronger than total revenue growth, with overseas revenue forming approximately 53 per cent of their total revenue.
The 2017 Annual Business Survey from the Singapore Chinese Chamber of Commerce and Industry (SCCCI) showed 61 per cent of respondents intend to venture overseas over the next three years.
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