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Helping SMEs Internationalise: The Singapore Experience

Helping SMEs Internationalise: The Singapore Experience. 20 th APEC SME Ministerial Meeting 7 September 2013 Presentation by: Lee Yi Shyan Senior Minister of State for Trade and Industry Singapore. Importance of Internationalisation for SMEs. Increase Impetus for SMEs to globalise.

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Helping SMEs Internationalise: The Singapore Experience

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  1. Helping SMEs Internationalise:The Singapore Experience 20th APEC SME Ministerial Meeting 7 September 2013 Presentation by: Lee Yi Shyan Senior Minister of State for Trade and Industry Singapore

  2. Importance of Internationalisation for SMEs Increase Impetus for SMEs to globalise • Increasing need and demand for SMEs to venture abroad for sustainability • More reduction to trade barriers leading to ease of internationalisation • Hence, internationalisation remains a critical focus and is aligned with the overall APEC theme Governments and the private sector can play a bigger role in facilitating the internationalisation of APEC’s SMEs

  3. Importance of SMEs in APEC Economies 90% OF ALL BUSINESSES IN THE APEC REGION ARE SMES SMES EMPLOY60%OF THE WORKFORCE CONTRIBUTING30%OF EXPORTS • Source:APEC website and SPRING, 2010/2011 estimates • ^2010 data on SME direct exports in the Manufacturing sector only. APEC SME WG Strategic Plan (2013 – 2016) Priority Areas 1. Build Management Capability, Entrepreneurship and Innovation • 2. Business Environment, Market Access and Internationalisation • 3. Access to Financing

  4. Singapore’s Experience: SME Strategy Review in 2012 Overview • A review on SME Strategy was done in 2012 • The needs of SMEs were analyzed by firm size and clusters • MTI, SPRING and IE worked with industry leaders and stakeholders to seek inputs • Findings • Intensify Productivity, innovation and capability upgrading • Increased effort to seek growth opportunities overseas • Increase outreach and simplify access togovernment help

  5. Partnerships for Capability Transformation (PACT) Qualify SME suppliers Upgrade supplier capabilities Sourcing for local suppliers Test bed for SME technologies SME SME SME SME SME SME Large Enterprises Sharing best practices with SMEs Build up track record for SMEs

  6. Market Readiness Assistance • Small domestic market, high level of competition • Exports accounted for almost half of a typical SMEs’ total revenue1 • SMEs requires support in: • Market assessment • Tax and legal advice • Setting up overseas • Business matching • Source:IE Singapore Internationalisation Survey 2012

  7. Conclusion 1 • Help SMEs export • 90% of all enterprises are SMEs; generate only 30% of exports 2 • Promote policy best practises • APEC SMEWG should enhance access to information on internationalisation opportunities for SMEs 3 • Work with partners • Build SMEs capabilities for them to go overseas

  8. Thank You

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