Singapore SMEs should utilise trade links for overseas expansion: Minister

"Small and medium-size enterprises (SMEs) need to tap on all the trade links Singapore has established with partners, in order to expand into overseas markets," asserted new Trade and Industry Minister Chan Chun Sing while pitching for a greater role of Singapore’s SMEs in international market.

Trade and Industry Minister of Singapore Chan Chun Sing (third from left) along with the officers of food manufacturer SMC Food 21.
Trade and Industry Minister of Singapore Chan Chun Sing (third from left) along with the officers of food manufacturer SMC Food 21. Photo courtesy: Facebook page of Chan Chun Sing

The Minister made this observation during his visit to food manufacturer SMC Food 21. He said, “This is the microcosm of how we want to develop our industries, use our free-trade platforms, use our good logistics and supply chain system to bring in the best materials. At the same time, we should value-add and have the assurance that we do not compete on the basis of price alone, but instead on the quality of our products.”

The Minister also gave the suggestion that SMEs should learn from SMC Food's efforts in going global - by capitalising on its strengths to attract foreign companies to partner them.

“They know that while we may not be the cheapest in terms of land and labour, we can certainly be the best in terms of quality and quality assurance.”

SMC Food is constructing a new facility in Singapore, with completion slated for the end of the year.

The company has invested around SSD30 million in this new plant and is expecting it to help boost its revenue growth by at least two to three times.

SMC has plans to provide a one-stop, integrated dairy hub with a suite of services ranging from warehousing, manufacturing, testing, R&D and exports.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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