Prepare for overseas expansion during these volatile times, DPM Gan tells Singapore companies

This would put them in a stronger position to expand once the global situation has recovered. Read more at straitstimes.com.

SINGAPORE – Amid rising global uncertainty as the US-Israeli conflict with Iran drags on with no clear resolution in sight, Singapore companies should capitalise on the current volatility to start drafting plans for overseas expansion.

This was Deputy Prime Minister Gan Kim Yong’s advice to Singapore businesses in an interview with the media, ahead of his visit to Germany from March 25 to 28 to build bilateral relations and strengthen economic ties between the two countries.

DPM Gan urged companies to broaden their international strategies rather than retreating to safety and focusing solely on domestic operations.

“The current situation reminds us that our economy is still a very small one, and we are subject to a lot of external factors and uncertainties which could potentially rock our economy,” he said.

Singapore must thus strengthen the anchor of its small domestic economy by expanding beyond its borders.

DPM Gan, who is also Minister for Trade and Industry, cited Singapore’s investments in Latin America, China and the US as being crucial to its access to much larger economies. “This would create stability and allow Singapore to sail through this period of uncertainties in a stable manner.”