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Singapore Parliament Discussion: How can Singaporean businesses cope with global economic uncertainty?

Singapore Parliament Discussion: How can Singaporean businesses cope with global economic uncertainty?
Singapore Parliament Discussion: How can Singaporean businesses cope with global economic uncertainty?

Singapore's Minister for Trade and Industry, Chan Chun Sing, stated in the Singaporean Parliament on Tuesday, September 3, 2019, that Singapore needs diversification and innovation to address the uncertainties in the global market.

Minister Chan Chun Sing mentioned that uncertainties extended beyond the US-China trade conflict, including Brexit, Japan-South Korea tensions, and the situation in Hong Kong. This is a multifaceted challenge encompassing not only trade but also technological issues. He responded to Mr. Christopher de Souza (Holland-Bukit Timah GRC) regarding how Singaporean SMEs, regional headquarters, multinational corporations, and the workforce can protect themselves from the side effects of the US-China trade standoff.

 

 

Minister Chan Chun Sing said Singapore should continue to diversify its markets, supply chains, and product portfolios and urged Singaporean companies to further internationalize their businesses, operating in countries with positive economic growth. He also noted that Singaporean businesses can leverage Singapore's diversified portfolio of Free Trade Agreements (FTAs). Existing FTAs already cover more than 90% of Singapore's trade. Singapore will continue to expand its FTA network, both in quantity and quality.

 

Minister Chan Chun Sing added that innovation enables companies to offer products in different markets. Countries should also leverage each other's strengths to serve the combined population of over 600 million people in the ASEAN region.

 

 

Singapore FOZL: Innovation always brings surprises, as well as business opportunities and vitality.

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