SMALL and medium-sized enterprises (SMEs) have been urged to increase their export competency and chase new markets aggressively during the difficult economic climate.
Minister of State for Trade and Industry and Manpower Lee Yi Shyan told business leaders yesterday that they have to build competencies, so they will be ready to capture new opportunities once things turn around.
'Our exporters need to be well- prepared to weather this downturn by remaining competitive and relevant,' he said at International Enterprise Singapore's annual exporter seminar. He also launched a scheme that gives businesses knowledge on entering new markets and how to go about fine- tuning export strategy.
Called the Exporter Development Programme, the initiative by the trade promotion agency will take companies on overseas market visits and provide a 'systematic approach' to develop their export strategies through workshops and training courses.
IE Singapore will take on about 70 per cent of the costs, with the participating firm coughing up the rest.
The programme has an initial funding of $6 million and aims to benefit over 1,000 SME exporters over the next three years, via partnership with trade associations and chambers.
The scheme targets companies without much exporting experience, so its focus differs from the agency's broader 'internationalisation' programmes that give firms a leg up in setting up shop abroad.
'Exporting will continue to be one of the first steps for Singapore companies to internationalise. We're fortunate to be right in the middle of the growing Asian market,' said IE Singapore's chief executive, Mr Chong Lit Cheong.
Separately, Mr Lee said there has been no 'significant impact' on Singapore's export environment from the heightening tensions in the Korean peninsula.
