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SINGAPORE \u2013 Amid rising global uncertainty as the US-Israeli <\/span><\/a>conflict with <\/span><\/a>Iran drags on with no clear resolution in sight,<\/span><\/a> Singapore companies should capitalise on the current volatility to start drafting plans for overseas expansion. <\/p>\n This was Deputy Prime Minister Gan Kim Yong\u2019s advice to Singapore businesses in an interview with the media,<\/span><\/a> ahead of his visit to Germany from March 25 to 28 to build bilateral relations and strengthen economic ties between the two countries. <\/p>\n DPM Gan urged companies to broaden their international strategies rather than retreating to safety and focusing solely on domestic operations. <\/p>\n \u201cThe current situation reminds us that our economy is still a very small one, and we are subject to a lot of external factors and uncertainties which could potentially rock our economy,\u201d he said. <\/p>\n Singapore must thus strengthen the anchor of its small domestic economy by expanding beyond its borders. <\/p>\n DPM Gan, who is also Minister for Trade and Industry, cited Singapore\u2019s investments in Latin America, China and the US as being crucial to its access to much larger economies. \u201cThis would create stability and allow Singapore to sail through this period of uncertainties in a stable manner.\u201d <\/p>\n He added that an overseas expansion strategy is a long-term process that could take years, so companies would need to start identifying potential markets and competitive sources of supplies. <\/p>\n Having an eye on the future now gives companies a head start and puts them in a stronger position to expand once the global situation has recovered. <\/p>\n \u201cWe need to address the immediate crisis, no doubt about that, but we must not lose sight of the longer-term strategy. Otherwise, after the crisis is over, we realise we are back to square one. We will take two steps back and then we lose the opportunities,\u201d DPM Gan cautioned. <\/p>\n He also noted that overseas expansions carry their own challenges, as companies could find it difficult to operate in a foreign environment and find local partners to develop their businesses further. <\/p>\n They can tap a \u201ctoolbox of schemes\u201d by the Government to support their internationalisation needs end to end, DPM Gan said. <\/p>\n Overseas expansions and investments would not only strengthen companies based in Singapore with better job creation, but also open up opportunities for Singaporeans to work overseas. <\/p>\n