The best business advice, opinion, news and expertise in Greater Manchester and further afield.

Friday, 25 April 2014

Friday Guest Blog: Singapore – Make the Most of the Rising Asian Market


By Louise Reid, global client service director at BDB

As the fourth global financial centre after London, New York, and Hong Kong, Singapore punches well above its weight (and size) and is often the first port of call for multinational businesses looking to crack Asia. As well as being strategically placed to access markets across the region, and especially South East Asia, other benefits include the ease of doing business, its triple A rated economy, minimal import and export duties and its booming economy.

Mission to Singapore

In June, a North West trade mission is being held, in association with BAE Systems, to Singapore and Malaysia. The mission’s stop in Singapore shows the significance of the city state to North West businesses looking to set up or invest in Asia Pacific. BDB’s Asian hub in Singapore will host the trade delegation, with attendees being given the opportunity to find out how we went about setting up our office and growing our business there.

For British companies, the links with Singapore make it even more attractive. Recently the British Chambers of Commerce in Singapore became the first to receive full accreditation from the British Chambers of Commerce (BCC). It was, as of 2010, the UK’s fifth largest services export market outside the EU, worth £3.7 billion and the UK is Singapore’s fifth largest foreign direct investor.

Just last month, the world’s second largest consumer goods manufacturer, Procter & Gamble, opened the largest private research facility in Singapore, which it’s calling the Singapore Innovation Centre (SGIC). The facility will house laboratories for product testing and consumer research and cost $250 million to develop.

Entrepreneurial spirit

If you are looking for a base in Asia or a partner to get things going, Singapore is certainly worth exploring.
Having recently moved here to head up BDB’s operation in Asia, I have been struck by the entrepreneurial spirit that emanates, with most people you meet keen to get their own piece of the pie.

It’s a refreshing atmosphere, with optimism and a can-do mentality that can sometimes be hard to find in stagnant or declining economies, for obvious reasons.

However, where there is money to be made, it is important to make sure that any partners you choose are credible, established and stable.  With 110,000 micro enterprises in its tiny 697 square kilometres, there are people claiming to be experts in everything you can think of.

At BDB Asia, you will find a team of communications specialists with the local knowledge and insight required to make an impact in Asia and the global expertise to provide truly integrated and aligned campaigns.

If you are considering expanding to Asia or are looking to grow your profile and presence there, contact us to find out how we can help.

About the author

Louise Reid is BDB's global client service director, based out of the company's Singapore office. BDB is a 27 year old full service international business marketing agency based in South Manchester. Find out more here: http://www.bdb.co.uk/

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