Overseas revenue key growth driver for local companies last year: IE Singapore

An office worker at Raffles Place in the Central Business District.
An office worker at Raffles Place in the Central Business District. PHOTO: ST FILE

SINGAPORE - Companies saw overseas revenue grow at a faster rate last year as they looked abroad for opportunities, according to International Enterprise (IE) Singapore.

The trade agency said in its latest year-in-review report on Thursday (Feb 16) that a survey it conducted found firms' overseas revenue grew 4.2 per cent year on year, outpacing their total revenue growth of 1.3 per cent year on year.

For small and medium-sized enterprises (SMEs), overseas revenue made up 53 per cent of total revenue, a three percentage point increase from last year.

Overseas revenue formed close to 40 per cent of total turnover for larger enterprises, a one percentage point increase from previously.

The survey, conducted across some 700 companies in the second half of last year, also showed companies are interested in markets such as China, India and Vietnam this year.

 

IE Singapore facilitated more than 450 projects globally last year, most of them in China and South-east Asia. About 30 per cent of these projects transformed the business of the companies.

Mr Lee Ark Boon, chief executive of IE Singapore, said: "Internationalisation is core to sustaining Singapore's growth and IE Singapore will continue to support companies venturing beyond our shores, in particular to South-east Asia, China and India, where 20 of our 37 overseas centres are located.

"IE Singapore will continue to deepen our in-market presence and network, to identify and create opportunities, and help our companies seize them. Through internationalisation, companies will transform and create high-quality jobs locally and secure sustainable growth for Singapore."

tsjwoo@sph.com.sg