TOTAL trade between Singapore and its South-east Asian neighbours in 2023 came in at S$295.6 billion, a 14 per cent increase from 2019, said Trade and Industry Minister Gan Kim Yong on Tuesday (May 7).

But this was lower than the total trade in goods in 2022, which amounted to S$344.3 billion.

He added that Singapore’s direct investment into Asean rose by 37 per cent to S$226.1 billion in 2022, from S$164.6 billion in 2018.
“The Asean region is an important market for our Singapore companies. Singapore’s trade and investment with Asean countries have registered double-digit growth over the past five years,” said the minister, in answer to a question by a Member of Parliament. Desmond Choo (Tampines Group Representation Constituency) had asked about Singapore companies’ expansion into the region and the challenges they faced.

Gan noted that some of these challenges included uncertainties about demand, an unpredictable business environment, the lack of suitable manpower to develop overseas markets, and the costs involved in internationalisation.

But these companies can utilise tools by Enterprise Singapore when trying to deal with these challenges.
Gan said that the economic agency tasked with helping Singapore companies expand overseas supported about 2,000 projects in 2023, up from around 700 in 2019. The agency also runs networks to connect Singapore businesses with opportunities and partners.

Enterprise Singapore works closely with trade association and chambers such as the Singapore Business Federation. It partnered with SBF to provide nearly 550 advisories and facilitated over 100 business projects for companies in the region since November 2022.
Ref: Business Times