Gan Kim Yong has advised companies in Singapore to look beyond the domestic market to ensure the sustainability of their business, as the international environment is becoming more and more uncertain. While speaking to business leaders, Gan Kim Yong stated that the international environment has become more uncertain due to the rise of geopolitical issues, issues of supply chain, and issues of trade between countries. Therefore, companies need to look beyond the domestic market to ensure the sustainability of their business. Gan Kim Yong stated that the domestic market to ensure the sustainability of their business. Gan Kim Yong stated that the domestic market of Singapore is relatively smaller, and companies are not able to explore the scope of growth in the long run by focusing on the domestic market.
Companies can explore growth opportunities by looking beyond the domestic market. Gan Kim Yong stated that the government of Singapore is ready to support companies that are looking to explore the international market, as the government has developed several initiatives to support companies that are looking to explore the international market. Gan Kim Yong stated that the international market is important for companies, especially in uncertain international environments, and that they should look beyond the domestic market.
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He also noted that there is significant growth potential in emerging markets, such as Southeast Asia, particularly in sectors like technology, manufacturing, and services. This will help Singaporean businesses improve their competitiveness through internationalisation. This is also in line with the overall economic strategy that the government has adopted, which is to make Singapore a stronger economic entity. As the global market is constantly evolving, the leadership in Singapore is of the view that only those businesses that are willing to internationalise and innovate will be able to succeed in this complex economic environment.
