From car parts to optics and plastic storage systems, the 16 companies have banded together with IE's help to combine their resources and capitalise on economies of scale when pursuing markets abroad amid the severe financial and economic crisis. --PHOTO: REUTERS
COMPANIES are still finding ways to grow amid the economic downturn.
Up to $60 million worth of deals could be sealed by 16 firms in the next three years.
Under the International Enterprise (IE) Singapore's International Partners Programme, the 16 electronics and precion engineering (EPE) firms will form six consortia to expand their presence in the global market.
Four of the six consortia signed a memorandum of understanding on Tuesday at the IE office in Bugis Junction Office Towers. The other two are expected to be signed this quarter.
From car parts to optics and plastic storage systems, the 16 companies have banded together with IE's help to combine their resources and capitalise on economies of scale when pursuing markets abroad amid the severe financial and economic crisis.
The companies reported that they have received requests for quotations from potential clients worth some $60 million.
Targeted markets range from the traditional in the United States, Europe and Japan, to emerging markets of Russia, China and Thailand.
Since October 2003, IE has facilitated 34 such groupings in various indsutries. It is targeting to generate $3.27 billion in overseas sales over the next five years.
Mr Yew Sung Pei, assistant chief executive of IE said: 'With the economic downturn, companies with strong fundamentals should continue to find opportunities to grow, so that they can ride on the upturn.'
