Since China joined the World Trade Organisation in 2001, Chinese enterprises face increasing competition from multinational companies, and there is a pressing need for Chinese enterprises to sharpen their competitiveness by being more active in international markets.
Chinese firms can enhance their brand positions considerably with the right strategic partners, who can offer significant insights into the international corporate culture and governance. For Chinese companies making that move overseas, Singapore is often a first step, given its language compatibilities and extensive trade network. Singapore’s is ranked by the World Bank as the number one place in the world to do business, and from 1996 to 2006, Singapore external trade alone has grown eight fold to reach SID810bn.
Singapore and China also enjoy traditionally strong economic links. In 2006, bilateral trade between Singapore and China reached SID86.26bn, a 27 per cent increase, and bilateral investment reached SID3.39bn. China was Singapore’s fourth-largest investor last year, while Singapore was China’s fifth-largest investor.
To help Chinese businesses find the right Singapore partner, International Enterprise (IE) Singapore, an agency under Singapore’s Ministry of Trade and Industry, launched BuySingapore, an online business matching portal, in November 2006. This platform helps foreign companies looking for local business contacts or companies that are interested in procuring Singapore products and services, get in touch with each other. BuySingapore currently has over 13,000 foreign leads posted on the portal, attracting over 9,000 foreign companies and boasting a listing of more than 100,000 Singapore-based companies listed on the site. The Chinese version launched in Shanghai and Beijing in August 2007.
So far, about 400 Chinese companies have registered with BuySingapore, and 5,000 Chinese companies visited the BuySingapore website over the last three months. The portal is aimed at both Singaporean and Chinese companies – particularly small and medium enterprises that lack the resources, network and marketing clout of larger corporations. It presents Chinese companies wishing to expand overseas with a source of information and opportunity, while helping them find strategic Singaporean partners that can assist them in promoting goods and services internationally.
For more information, visit http://www.buysingapore.com/
Last update : Wednesday, 19 December 2007
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