Assistance for companies expanding overseas

OVERSEAS EXPANSION     CORPORATE ASSISTANCE

Singapore – Help is on the way for local companies looking to venture overseas.

Aimed at building the competitiveness of companies, and providing easy access to financing and overseas markets, International Enterprise (IE) Singapore launched the Global Company Partnership (GCP) initiative yesterday.

This new initiative will give companies increased grants of 70% - up from 50% - to subsidise their overseas development spending costs. More details on these grants are to be released later this year.

The GCP will also help Singapore companies address key concerns about expanding, such as manpower shortages and in-depth market opportunities and risks, Channel News Asia reported. This will include trade financing and political risk insurance for overseas investments and projects.

“Size is one way of looking at globally-competitive companies. But I think more importantly, it is really capability; a company that can develop unique capabilities in a particular sector - it could be a niche sector - will be a good company...as long as the company continues to develop its technology, continues to upgrade its competencies and capabilities and continues to develop new market in the sectors,” Teo Eng Cheong, IE Singapore’s CEO, said.

In a recent survey by the organisation, companies showed keen competition and manager shortages for overseas operations are the top two challenges when venturing overseas. Last year, it reached out to more than 34,000 companies, keeping in regular contact with 1,200 companies on their expansion plans abroad.

Looking ahead, IE Singapore said it is changing its approach from being project to corporate-centric, to help companies grow and meet new challenges ahead.
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