Local firms urged to venture abroad, embrace automation (The Straits Times)

Local firms have been encouraged to change their business models to take advantage of opportunities presented by economic restructuring and technological disruption.

Expanding abroad as well as embracing automation and other types of new technology were cited as essential steps for firms here at the annual Singapore Chinese Chamber of Commerce and Industry-Credit Suisse business outlook forum.

The event was held at One Raffles Link yesterday.

Mr Claude Harbonn, managing director and head of investment consulting South-east Asia at Credit Suisse, said global economic growth is accelerating and is forecast to come in at 3.5 per cent this year, up from 3 per cent last year.

“China is now the most attractive Asian market to invest in due to its cheap valuations and strong earnings growth,” he added.

Chinese demand is driving export growth in Singapore and local firms are encouraged to take advantage of the investment opportunities there. Singapore firms need to venture overseas owing to the Republic’s small market size and the stagnating population here.

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Sabrina Theseira

20 April 2017

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