Help on the way SMEs to tap into foreign trade
It seems Singapore is not relenting in conquering the foreign trade arena. The ambition to be a super trade nation gets brighter every day. With the new budget presented by the minister of trade and industry, Lim Hng Kiang, which emphasizes four key areas that the nation wants to explore in the new fiscal year to collaborate on trade in the new year.
With the idea to get involved deeper with states, provinces and cities look like a better way to tap into the sources available in these countries by involving the hosting nation’s people directly.
Unique international initiative
The budget presented on the 4th of March, 2017 by the minister shows a willingness to partner foreign partner to the innermost parts of such countries: states, provinces, and the cities. This will help local firms to take advantage of overseas opportunities, according to the Minister, Mr. Lim Hng Kiang.
This is an avenue for small and medium-size firms to take explore by collaborating with larger companies. In case, they are willing to expand abroad by exploring the possibilities of the digital economy.
Hence, this initiative will help to combat rising international anti-trade hostilities and shows the readiness of Singapore to repackage and explore new opportunities in other areas of foreign trade.
Turning vulnerabilities to strengths
Small economies like Singapore can be vulnerable to global economic developments. However, foreign collaboration can make things work in the interest of Singapore. Last year, foreign revenue grew by 4.2 percent, more than the whole revenue that grew by 1.3 percent. It is a clear way to show that the future of overseas partnerships is important to better economies for Singapore.
Four key ways to tap into foreign trade
Mr kiang listed the four major ways to into foreign trade by the local firms. One is to continue the partnership with the already 21 free-trade and the economic collaboration which it has with 32 partners in trade in many foreign regions.
Secondly, Singapore will strengthen relationships with states, provinces, and cities. Such as Vietnam-Singapore industrial park initiative that area in six provinces in Vietnam, and prioritize each province.
The third is the government giving support to companies that are willing to venture into foreign trade. In addition, it takes advantage of the digital economy, SMEs can take advantage of this and venture into new markets and partner with larger companies to have a bigger financial strength.
Finally, is firm support for companies that are going abroad through the establishment, Global innovation Alliance which was announced in the last month’s budget.
The future is getting brighter for both SMEs and large corporations to take advantage of government initiatives, invest in foreign countries, and take full charge of new ways to conquer new economies.
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