Internationalisation key engine of growth for local firms: IE Singapore

INTERNATIONALISATION has become the key engine of growth and transformation for Singapore companies, International Enterprise (IE) Singapore said on Thursday.

A survey of nearly 700 local companies conducted by the statutory board in the second half of 2016 found that Singapore firms' overseas revenue grew by 4.2 per cent year on year, outpacing the total revenue growth of 1.3 per cent year on year.

More than half of Singapore companies had footprints in the top markets of China and Malaysia, and local firms are increasingly interested in Vietnam, Myanmar and India, IE Singapore said in a news release.

The jobs created for internationalisation were skewed towards PMET (professional, managerial, executive and technician) positions - 61 per cent of internationalisation-focused jobs were for PMETs, higher than the 53 per cent for domestic-focused jobs.

IE Singapore CEO Lee Ark Boon said his agency will continue to support companies venturing abroad, in particular to South-east Asia, China and India, where 20 of its 37 overseas centres are located.

"(We) 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," he said.