- POSTED: 16 Jul 2014 15:39
Affluence of citizens and the potential customer base contribute to Singapore’s competitive edge, finds communications company BT.
SINGAPORE: The Republic has been ranked as the sixth-most desirable country in the world and third in Asia Pacific by companies looking to expand their business overseas, a survey by communications company BT found.
Released on Wednesday (July 16), the survey said respondents cited Singapore’s potential customer base and affluence of citizens as the most crucial factors contributing to the country’s high ranking. The nation’s IT skills, quality of governance and IT security, were also named as factors attracting businesses to expand here.
About 41 per cent of the respondents in India chose Singapore as an excellent destination to grow their business. Furthermore, 47 per cent of respondents in India and 48 per cent in China are currently or planning to expand into Singapore, the survey found.
SINGAPORE BUSINESSES BRANCHING OUT
Among the Singapore respondents, 76 per cent believe that international expansion is highly essential for the success of their organisation. A total of 84 per cent said that growth opportunities are the main reason prompting them to expand overseas.
Singapore businesses chose the United States and Hong Kong as their desired destinations for expansion due to their potential customer base, followed by China, Indonesia and Thailand.
Respondents to the survey indicated that the lack of an adequately competent IT infrastructure was one of the key challenges hindering their overseas growth. A total of 96 per cent of Singapore respondents said they were hindered to some extent by the digital infrastructures of their most desired markets.
The report surveyed 1,150 business leaders in 13 regions, including 350 respondents from Asia Pacific. The survey was conducted online between April and May this year.