What are 3 key motivators for SG firms to expand overseas?

A UOB report showed that 50% of SG-based companies are interested in overseas expansion.

More businesses in Singapore, particularly larger ones, are interested in expanding their operations overseas, data from UOB’s Business Outlook Study showed.

According to the report, 50% of SG-based companies are “slightly interested: in pursuing an overseas expansion, whilst 26% are “very interested.”

Firms in the Industrial/Oil and Gas industry are the most interested in expanding overseas.

Business in the business services, construction and infra, tech, media and telecom, Manufacturing and Engineering industries (79%) also showed high interest in overseas expansion.

UOB Singapore firms want to expand overseas for three main reasons: to improve their profit (68%), build an international reputation (53%), and grow their revenue (50%).

Based on the report, companies which are not interested in expanding are those with less than 10 employees and with a sales turnover of less than $1m.

Meanwhile, of those interested in expanding operations, three in four plan to use cross-border trade platforms.

Manufacturing & Engineering and Industrial/ Oil & Gas firms are most interested in using cross-border digital trade platforms amongst industries.