IE Singapore's deputy chief executive, Mr Chua Taik Him (far left) signed the MOU with Mr Thomas Maier (left), business group director for infrastructure at the bank. --ST PHOTO: DESMOND FOO
LOCAL firms looking at markets in central Asia and Eastern Europe may soon find it easier to access them.
A memorandum of understanding (MOU) signed on Friday by International Enterprise (IE) Singapore and the European Bank for Reconstruction and Development (EBRD) will help companies get a foothold in countries that have not been on many local companies' radar.
'More Singapore-based companies are speeding up the exploration of new markets to counter the slowdown of the traditional markets,' said Mr Chua Taik Him, IE Singapore's deputy chief executive.
'The MOU is very timely in helping them understand business opportunities of potential markets in central Asia and eastern Europe and gain access there.
'Such an initiative is in line with IE Singapore's strategy of developing a long-term and sustainable partnership with multilateral agencies to support Singapore-based companies' effort in internationalisation.'
Mr Chua signed the MOU with Mr Thomas Maier, business group director for infrastructure at the bank.
The MOU signing follows the $636,000 Technical Cooperation Fund that IE Singapore pledged to the EBRD last December. It made Singapore its 36th donor.
The fund will support an EBRD consultancy project in Kazakhstan to improve the electric transport services network in the city of Almaty.
Mr G Jayakrishnan, deputy director for the international organisations division of IE Singapore, said that transportation, oil and gas and agri-business were just some of the sectors that could provide opportunities for local firms in central Asia and eastern Europe.
'There is a huge demand for water and sanitation-related investments,' he said, naming Russia, Kazakhstan and Turkey as some of the countries of opportunities.
Mr Jayakrishnan added: 'My opinion is really to go and see the market with your own eyes. There is no substitute for being there; meeting the people, walking the streets, taking the transportation system, eating in the local restaurants - to get a feel of the local market.'
He also advised firms to 'get comfortable' with their local partner in the new country, and to seek IE Singapore's help in finding such credible partners.
