Singapore firms eye under-tapped India and Middle East markets for overseas expansion
- Sep 6, 2024
- 1 min read
As multinational corporations diversify their global trade and investment, Singaporean companies are increasingly exploring opportunities beyond ASEAN and China. In response, the Singapore Business Federation (SBF) and HSBC have partnered to help local businesses expand into key markets like India and the Middle East, leveraging Singapore’s strong trade and diplomatic ties with these regions.
India and the Middle East are experiencing rapid growth, with significant investments in urban development, renewable energy, and other sectors. Under Crown Prince Mohammed bin Salman's Vision 2030, Saudi Arabia aims to diversify its economy and attract foreign investment, with plans to build 660,000 new homes and develop mega-projects like the Neom city.
To support expansion efforts, SBF has signed agreements with Saudi counterparts and launched the Saudi-Singapore Business Council. HSBC has supported Singapore-based tech startup Crayon Data's growth in India by offering credit and access to key local decision-makers. Similarly, BuzzAR, another tech startup, has benefitted from HSBC’s New Economy Fund to establish its presence in Saudi Arabia, securing contracts with the Saudi Tourism Authority.
Looking ahead, SBF plans to lead a delegation of Singaporean firms to India, focusing on sectors like semiconductors, fintech, and advanced manufacturing. Both SBF and HSBC believe that fostering such partnerships can help Singaporean companies capitalise on new opportunities in these dynamic markets.
Article by Ovais Subhani for ST. Read more here or in the PDF below.
Comments