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SINGAPORE : The Singapore Business Federation has launched an online global procurement portal to provide Singapore firms with instant access to both local and overseas buyers and suppliers.
Speaking at the launch, Trade and Industry Minister Lim Hng Kiang says the SBF Global Sourcing Hub will help local businesses become more cost-competitive.
Some S$20 billion worth of deals are expected to be transacted through this e-marketplace over the next five years.
Apart from being a procurement portal, the SBF Global Sourcing Hub will also function as an intelligence platform, where firms can hunt for both local and overseas projects.
Buyers will be able to broadcast demand opportunities such as tenders and quotations, while suppliers can showcase their products and services.
Mr Lim says all Singapore firms will be encouraged to use the hub.
He believes that it will help them to keep costs low and stay competitive in the global marketplace.
Said Mr Lim, "Competition is here to stay. The way to deal with competition is for Singapore companies to build up core competencies and to link up together, and go together as a group."
The decision to create the hub was taken after a national survey of some 15,000 firms.
Commissioned by the SBF, the survey showed that more Singapore firms are now venturing abroad.
But they expressed fears about the global competitive business environment.
Said Stephen Lee, chairman of the SBF, "We can see that the interest to venture overseas among our SMEs is actually growing very strongly. This is partly fuelled by first, better economic growth and better company results in the last 18 to 24 months. And also now, I think the stock market is doing slightly better and the whole region has now picked up some. So it also reflects the stronger outlook and business optimism by the SMEs."
According to the poll, China, India, the Middle East and Eastern Europe are the most popular destinations with Singapore investors.
The hub also offers value-added options such as credit data on buyers and sellers to help them make informed decisions.
To date, more than 100,000 suppliers in Singapore are listed in the online directory. - CNA /ct
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