Goh Beng Kim, head of Commercial Banking, Standard Chartered Bank Singapore Internationalisation has been a focus for ASEAN enterprises for decades. In fact, a majority of ASEAN business leaders plan to broaden their footprint over the next three years. According to PwC’s APEC CEO Survey 2017, over half are looking to boost their global investments to increase access to overseas markets. But despite this aspiring trend, small- and medium-sized enterprises (SMEs) continue to face challenges in upgrading their capabilities and conquering new ground, for it takes more than a silo approach to venture into uncharted territory. Collaboration among enterprises is key when it comes to SMEs’ internationalisation efforts to play a bigger role on the global scene. Governments in the ASEAN have taken the lead in promoting co-operation as a way to support SMEs’ business growth. In Singapore, the Committee on the Future Economy has flagged collaboration between MNCs and SMEs as vital to the country’s growth in the next five to 10 years. Vietnam has also mandated measures to support MNC-SME linkages for SMEs engaged in ancillary industries. There are also national programmes to help SMEs move up the value chain. For example, the Partnerships for Capability Transformation initiative… Read full this story
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