Information and support on global trade opportunities will help small and medium enterprises (SMEs) in Singapore internationalise and grow, according to research from accounting body Association of Chartered Certified Accountants (ACCA).
The accounting body’s report revealed that nearly half of respondents in its latest survey would like to receive such information and support, despite a majority already participating in some international business or the other.
Among SMEs in Singapore, competition was named as the biggest barrier to international trade, ACCA’s report, Growing Globally, indicated.
Around 43 per cent of respondents said that the most helpful measure for enabling more SMEs to internationalise was providing more information and support on trade opportunities, while the same number said securing new or improved trade agreements was critical.
“Internationalisation can potentially bring a range of growth benefits for both SMEs and the broader economy, while also driving productivity,” Ben Baruch, head of SME policy at the ACCA noted.
The local economy and productivity benefit from the expansion of domestic small businesses, so there is a clear incentive for policymakers to address these barriers and help businesses with international expansion, according to country head of ACCA Singapore Reuter Chua.