South-east Asia offers opportunities for squeezed Singapore firms, says head of SME body
Malaysia is one potential target amid an ‘increasingly difficult’ domestic business landscape
Singapore's small and medium enterprises (SMEs) face a challenging domestic business environment, characterized by a limited local market, rising costs, and global factors such as energy prices and supply chain disruptions, according to Ang Yuit, president of the Association of Small and Medium Enterprises. Ang suggests that SMEs should explore opportunities in Southeast Asia, citing Malaysia, Vietnam, and Indonesia as growing markets.
He highlights the newly established Johor-Singapore Special Economic Zone as a location that may offer a more integrated operating model due to its proximity, similar legal framework, and lower manpower costs. Ang emphasizes that internationalization can lower business costs, grant access to new capabilities and supply chains, and promote market diversification.
CLA Southeast Asia, a professional services firm, announced plans to launch a regional initiative for artificial intelligence and workforce transformation, aiming to boost capabilities in specific industries and accelerate AI adoption through collaboration with various partners.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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