SBF continues to help businesses venture overseas

Photo by Evelina Zhu

GlobalConnect@SBF is an initiative by SBF and supported by Enterprise Singapore to help businesses expand globally. Since its launch in November 2019, GlobalConnect@SBF has assisted more than 2,500 Singapore businesses.

Despite a challenging year in 2020, GlobalConnect@SBF has also enabled 15 overseas ventures by Singapore businesses in Indonesia, Malaysia, Thailand, Vietnam, USA and Turkey.

Minister for Trade and Industry Chan Chun Sing graced the “GlobalConnect@SBF Showcase” at SBF Center, where he met several businesses whose overseas ventures SBF had facilitated. These included those businesses expanding overseas for the first time, as well as those diversifying their operations to new markets.

Minister Chan also witnessed the signing of two strategic partnership agreements by SBF, with UOB and Keppel Land under the GlobalConnect@SBF Strategic Partnerships platform. The partnership between SBF and UOB will allow Singapore businesses to access considerable expertise, experience, and networks across Asia through UOB’s Foreign Direct Investment (FDI) Advisory Unit’s network of 10 FDI centres, providing Singapore businesses with better trade and investment opportunities.

The partnership between SBF and Keppel Land will enable Singapore businesses instant landing points through KLOUD serviced co-working spaces overseas.

SBF initiated the GlobalConnect@SBF Strategic Partnerships platform to partner companies with strong international networks, which could ease the internationalisation process for Singapore SMEs.

SBF is working with an additional 11 pioneer strategic partners to further expand the range and depth of expertise available to Singapore SMEs for their overseas expansion.

To further support businesses venturing into ASEAN, SBF has established two Singapore Enterprise Centres (SECs) – one in Jakarta and one in Ho Chi Minh City. The SEC@Jakarta and SEC@Ho Chi Minh City are staffed by SBF’s local market advisors with in-depth knowledge about their respective markets. The market advisors will support Singapore businesses by connecting them with potential partners and advising them on how to seize opportunities in these markets.

Mr Darius Lim, Assistant Chief Executive Officer of SBF said, “We are seeking to go beyond just helping businesses learn about new markets and making overseas connections. GlobalConnect@SBF is a unique programme that will enable businesses to not only learn about new markets but also land successfully overseas with the help of SBF and our strategic partners.

“Our team of market advisors in Singapore and our SECs in Jakarta and Ho Chi Minh City are enthusiastic to partner even more Singapore businesses as they venture into new markets.”

Mr Tan Soon Kim, Assistant Chief Executive Officer of Enterprise Singapore said, “The need to expand beyond our domestic market is becoming more pressing for Singapore companies looking to grow their businesses. GlobalConnect@SBF was set up in partnership with Enterprise Singapore to help more enterprises looking to establish their presence overseas, in particular the growing Southeast Asia market.

“From gathering market information, to identifying business leads and navigating the evolving business environment in this region, GlobalConnect@SBF can support enterprises to secure partnerships and opportunities in Southeast Asia. We will continue the close working relationship with SBF and other partners to help enterprises on their growth path.”