By FELDA CHAY

NOW is a good time to introduce export-import (Exim) banking in Singapore as the recovery in global markets opens up opportunities for local companies to venture offshore, Association of Small and Medium Enterprises (ASME) president Lawrence Leow (pictured above) said yesterday.

With many local companies unable to expand or gain access to new markets because of a lack of financial support, 'Exim banking has become one of the most talked-about topics among Singapore businesses', he said. 'And many believe it will provide much needed finance to businesses to boost their exports and penetrate new markets. The bank will not only be a supplier of export credit but a key partner to businesses including SMEs. This service has proven successful in many countries.'

Exim Bank of India, for example, 'has been both a catalyst and a key player in the promotion of cross-border trade and investment,' Mr Leow said.

The bank plays a key role in partnering Indian companies, particularly SMEs, in their efforts to expand overseas, he said. It provides an array of products and services at all stages of the business cycle, such as importing technology to enhance production, export marketing or post-shipment and overseas investment.

Singapore should find a feasible model and set up an Exim bank, Mr Leow said. 'We could perhaps have a scheme that helps companies go abroad, and to qualify for the scheme, the companies must use the products or services of other complimentary local companies, thus extending the benefits of the scheme to more local companies,' he suggested.

He was speaking at the presentation ceremony for this year's Singapore Prestige Brand Award (SPBA), organised by ASME and Chinese newspaper Lianhe Zaobao, where 52 winners were lauded for brand planning and execution strategies. The overall winners in the four different award categories were also named at the event.

Toast Box, opened by BreadTalk Group, bagged the overall prize in the Promising Brands category. Print firm Xpress Holdings was overall winner in the Established Brands category. And Thomson Medical Centre won top prize in the Heritage Brands category. It was also the first brand to be inducted into the SPBA Hall of Fame, having won the Established Brands award in 2007 and 2008.

This article was first published in The Business Times.