S'pore firms continue to expand in China, driven by long-term potential

EnterpriseSG has helped businesses grow there through 300 projects over past 2 years

- Angela Tan

Singapore companies are shrugging off short-term headwinds and keeping their eye on the long game as they continue to expand in China.

Mr Sim Choon Siong, executive director (China) at Enterprise Singapore (EnterpriseSG), said Singapore firms remain interested in China.

He told The Straits Times: "Beyond being a key global manufacturing hub with a robust supply chain infrastructure and skilled workforce, there are now new opportunities in areas like the digital economy, green economy as well as healthcare, given the increasing focus on these areas." 

EnterpriseSG, which helps Singapore companies expand abroad, has assisted businesses to access market opportunities and grow their presence in China through 300 projects over the past two years.

About 250 firms tapped the agency's Market Readiness Assistance Grant to enter the Chinese market in 2023 - 50 per cent up on 2022 and more than in pre-Covid-19 2019.

EnterpriseSG, in league with the Singapore Chinese Chamber of Commerce and Industry's Singapore Enterprise Centres in Shanghai and Chengdu, received about 50 per cent more inquiries on China in 2023 compared with 2022, Mr Sim said.

Singapore Business Federation (SBF) chief executive Kok Ping Soon said there are new opportunities to expand and entrench market presence in China.