[ad_1]
2024 will be a promising year for small and medium enterprises (SMEs) in Singapore as they stand to benefit from growing foreign direct investment (FDI) inflows and the attendant technology transfer. This was the consensus reached by industry experts at the recent DBS Market Outlook Series forum.
More information about OMY: Initiative launched to enhance financing for MSMEs
Koh Kar Siong, managing director and group head of corporate and SME banking at DBS Bank, highlighted that Singapore continues to attract a large amount of foreign direct investment, which it attracts on the basis of its reputation as a safe haven, its business-friendly environment and its highly skilled workforce.
The benefits of FDI are not only economic, but also in terms of technology, innovation and technical expertise. This opens up countless possibilities for SMEs to take advantage of these advances.
Koh shared: “As multinational corporations diversify and decarbonize their supply chains in Asia, SMEs with sustainable advantages will be well-positioned to support this expansion.”
A survey submitted by Ray Kwan, director of international business for South Asia, Middle East and Africa at the Singapore Business Federation, showed that the outlook is not only optimistic but also expansion-oriented.
Despite cautious business sentiment, half of local businesses are still optimistic about opportunities for overseas expansion.
Mr Kwan predicts a strong growth trajectory for small and medium-sized enterprises that already have a strong international presence.
In addition, DBS Bank economist Chua Hon Ting mentioned that the current slowdown in wage growth and weak labor market could provide much-needed breathing space for local businesses to weather the still uncertain economic environment.
More information about OMY: Guide to SME Loans in Singapore
[ad_2]
Source link
