Singapore
Singapore
At the 2016 Think Big Convention, a common hot topic across various presentations and discussions was Singapore’s economic outlook — and for good reason. If the Monetary Authority of Singapore’s (MAS) predictions are anything to go by, the outlook for 2016 is conservative to say the least. In March this year, MAS reported a muted overview of Singapore’s economy, with a 1.9% growth forecast for 2016 compared to 2.2% in 20151.
However, there is a light at the end of the tunnel. Guest speakers agreed that one of the best ways to weather the coming storm ― especially for small and medium enterprises (SMEs) ― is to invest in the right kind of technology to internationalise and expand overseas.
A panel of experts was assembled to discuss the challenges and opportunities that lie ahead for the Singapore economy. Mr Kurt Wee, President of the Association of Small and Medium Enterprises (ASME), began with a case study that drove home the importance of internationalisation and the role technology plays.
“There was a little ‘mom-and-pop’ shop in Sin Ming area that made car number plates. The industry was quite archaic at the time, and when you needed a number plate, it would take one to two hours to make,” Mr Wee explained.
“The son of this family, however, went to Germany and came across a technology that could press plates in minutes. They found themselves way ahead of other players in the domestic market, and leveraged this competitive edge to expand across Southeast Asia,” he added.
Mr Wee elaborated on how this story is not an isolated case. “Some businesses feel that they need to be of a certain size before moving overseas. When actually, on the ground, we see a lot of small companies expanding internationally and becoming more successful.”
The key, therefore, is for local enterprises to receive broad-based support for internationalisation from policymakers, as well as to embrace technology wherever possible.
Echoing this point was Mr Ho Meng Kit, CEO of Singapore Business Federation (SBF). He pointed out how the introduction of international trade initiatives, like the Trans-Pacific Partnership, are increasingly creating overseas opportunities for businesses, including SMEs, as well as making the process of doing business in a particular country easier.
Technology, too, is allowing companies to compete, as well as keep up with today’s challenging business environment. For instance, technologies that enable staff to process documents faster, access information quicker, and archive documents better ensure that every office worker can complete their daily tasks in a more efficient manner, as well as concentrate on core business activities.
Mr Ho asserted that in order to maintain a competitive edge, Singaporean SMEs must boost their research and development (R&D) capabilities. According to the SBF CEO, this will likely become an important engine of growth for the nation’s economy over the next 50 years and beyond.
Mr Ho also stressed the importance of governmental support in helping businesses become more efficient and productive. Indeed, SBF is a one-stop agency that leverages the experience and best-practices of four renowned public sector bodies, which help local companies expand internationally: the National Research Foundation, the Singapore Economic Development Board, SPRING Singapore, and the Agency for Science, Technology and Research.
“Technology and innovation are core values at Canon,” enthused Mr Ho. “They are also attributes that are critical for local enterprises to compete, progress and move forward,” he concluded.
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