{"id":37494,"date":"2026-03-19T07:09:37","date_gmt":"2026-03-18T23:09:37","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=37494"},"modified":"2026-03-19T07:09:37","modified_gmt":"2026-03-18T23:09:37","slug":"singapore-smes-gain-edge-in-global-expansion","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=37494","title":{"rendered":"Singapore SMEs gain edge in global expansion"},"content":{"rendered":"


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Speakers at the BT Budget Roundtable say that companies must take a deliberate approach to overseas expansion<\/p>\n

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[SINGAPORE] Firms in the Republic looking to expand overseas may have one advantage even as global trade becomes more fragmented: the \u201ctrust and reliability premium\u201d associated with being a Singapore company.<\/p>\n

Speaking at The Business Times<\/em> Budget Roundtable 2026: Levelling Up SMEs for Global Competition, Senior Minister of State for Trade and Industry Low Yen Ling said this premium was built over more than six decades of stable governance, respect for the rule of law, pro-business policies, and long-term partnerships between the government and companies.<\/p>\n

Drawing on feedback from small and medium-sized enterprises (SMEs), she said international businesses value the stability Singapore offers.<\/p>\n

\u201cWhen a company decides to plunk S$1 billion here, they don\u2019t have to worry about the stability for the next 10 years or 20 years,\u201d said Low, who is also senior minister of state for culture, community and youth.<\/p>\n

\u201cThey know that we mean what we say and we say what we do. And I think that counts for something.\u201d<\/p>\n

Presented by global cloud accounting platform Xero Asia, the dialogue brought together policymakers and industry leaders to discuss how Singapore\u2019s SMEs can strengthen their capabilities and expand internationally amid rapid economic and technological change.<\/p>\n

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On the panel with Low was her fellow Economic Strategy Review committee on global competitiveness co-chair Jeffrey Siow, acting minister for transport and senior minister of state for finance; Xero Asia managing director Koren Wines; and manufacturer Nandina REM\u2019s co-founder and chief commercial officer Allison Nam.<\/p>\n

During the discussion, moderated by BT editor Chen Huifen, Siow added that the trust premium does not just apply to companies in Singapore, but also to firms operating internationally.<\/p>\n

\u201cSo when you do business and you tell (global business partners) you\u2019re a Singapore company, you share that net trust premium on internationalisation,\u201d he said.<\/p>\n

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This matters because Singapore companies often have to venture abroad earlier than firms in larger economies due to the city-state\u2019s limited domestic market.<\/p>\n

He likened the situation to \u201ca plane taking off from a (short) runway\u201d, where businesses must compete internationally sooner with companies that have grown within much larger home markets.<\/p>\n

Aside from the trust premium, Siow said Singapore also benefits from its role as a connector for flows of capital, goods, intellectual property and knowledge. Companies that position themselves within these global flows stand to benefit, he added.<\/p>\n

In future, he said, new types of flows \u2013 including data and energy \u2013 will become increasingly important.<\/p>\n

\u201cWe have to continue to position Singapore at the centre of these flows,\u201d he said.<\/p>\n

\u201cThe key is what our companies do \u2013 whether they can seize enough business in these sectors, locate in Singapore, and make sure that these flows pass through Singapore.\u201d<\/p>\n

Government as a partner<\/h2>\n

To help SMEs seize these opportunities, Low said the government has strengthened support for companies looking to expand overseas through various internationalisation schemes.<\/p>\n

Under the Business Refresh Package announced during the Ministry of Trade and Industry\u2019s Committee of Supply debate on Mar 2, support levels for internationalisation initiatives have been raised from 50 per cent to 70 per cent, reducing the upfront costs companies face when entering foreign markets.<\/p>\n

That package includes enhancements to the Market Readiness Assistance<\/a> Grant, which helps firms defray costs related to overseas expansion. Previously limited to companies entering new markets, the scheme can now also be used by businesses seeking to deepen their presence in existing overseas markets.<\/p>\n

Low highlighted other schemes firms can tap, including the Business Adaptation Grant, which provides assistance for companies affected by US tariffs to adapt business operations and strengthen supply chain resilience, and the Global Innovation Alliance programmes, which aim to connect Singapore-based startups and tech SMEs with global innovation hubs. <\/p>\n

These internationalisation schemes, said Low, mean there is less cash and capital outlay for SMEs.<\/p>\n

\u201cIt also means that the government is seriously your business partner when you go overseas. We, in a way, de-risk the process a little bit,\u201d said Low.<\/p>\n

Be deliberate about global expansion<\/h2>\n

While support is available for firms to tap, the two business leaders on the panel said SMEs must also be deliberate in how they approach overseas expansion.<\/p>\n

Nam said: \u201cTo go global, you have to be very intentional and purposeful about who you want to work with from day one. You also need to have a team that is very clear about the corporate culture you want.\u201d<\/p>\n

But intention alone is not enough, Wines said, adding that firms also need strong visibility over their business performance before committing to overseas expansion, particularly as markets become more volatile and complex.<\/p>\n

Businesses should ensure their systems and tools give them a clear view of their operations so they can respond quickly to changes and scale effectively, she said.<\/p>\n

To do so, companies have to use data as a \u201cstrategic advantage\u201d, Wines added. Businesses must first ensure their data is digitalised and accessible so it can inform decisions on expansion, investment and new opportunities.<\/p>\n

\u201cYou can\u2019t make those decisions (to go global) based on what\u2019s in your bank account. You have to know what your business is doing at a deep level, and that all sits in the data,\u201d she said.<\/p>\n

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