Firms Urged to Find Ways to Complement ASEAN Counterparts

A darkening global trade order and the sparkle of South-east Asia's rising economies may seem contradictory at first sight, but the twin forces are pushing businesses here to accelerate their drive into overseas markets.

- Krist Boo

Half of local firms have stepped up their globalization efforts, up from 44 per cent in 2024, according to the latest annual survey from the Singapore Chinese Chamber of Commerce and Industry (SCCCI).

Malaysia, China, Indonesia, Vietnam, and Thailand emerged as their key destinations.

SCCCI president Kho Choon Keng revealed the findings at the opening of the SME and Infocomm Commerce Conference (SMEICC) on Sept 3.

About 4,000 visitors, including local business leaders and government officials, as well as attendees from the region, are expected to attend the two-day event.

Mr. Kho said: "Businesses are pivoting to South-east Asia to tap the market potential, source goods locally, and manage geopolitical risks to improve resilience."

Overall, the survey of 711 respondents from June to August reveals their cautious outlook, he said. About 93 per cent of the respondents are SMEs.

While 75 per cent anticipate profits in 2025, 54 per cent foresee less profits than in 2024.

Top on the minds of these local business leaders are rising business costs, finding suitable talent and transforming their operations for growth.