SINGAPORE: Businesses in Singapore have been urged to look abroad and internationalise their operations amid declining manufacturing output in the country, and an increasingly challenging global environment.
The Singapore Manufacturing Federation (SMF) has urged local companies to look to the United States. The federation hosted a dialogue session with US ambassador to Singapore, Kirk Wagar, which was attended by about 120 business leaders.
The US is one of Singapore's largest trading partners, and SMF will be sending a business mission to several American cities in June this year to help local firms to better understand the business environment there.
"The US as it stands today is one of the few regions which is thriving, doing well, so opportunities, I believe, are still abound in the United States. I think Singapore manufacturers and businesses in general could connect with potential partners over there, and get into a partnership with them,” said Dr Ahmad Magad, vice-president of SMF.
“Whether in the US itself or to lure them to come to Singapore to set up some potential collaborative opportunities here, I'm sure there is a way out, to get out of the current negative sentiment."