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How Singapore firms can navigate the red ocean of cut-throat competition
They should look to venture overseas, strike partnerships and explore opportunities for mergers and acquisitions.
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SMEs should see turbulent times as a clarion call for doubling down on innovation and global ambition.
ST PHOTO: AZMI ATHNI
Musa Fazal and Patrick Yeo
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In a recent Straits Times article, Mr Ang Yuit, president of the Association of Small and Medium Enterprises, described the Singapore business landscape as becoming “increasingly cut-throat”
He cited geopolitical tensions and the enhancements to the China-Singapore Free Trade Agreement (CSFTA) as push factors for Chinese investors coming to Singapore. As a result, he likened the situation to a “red ocean” where local businesses must fight tooth and claw to survive.
