Singapore must enable the growth of homegrown companies that will not only compete in the global arena but are able to bring better job opportunities for citizens, said Trade and Industry Minister Chan Chun Sing on Tuesday (24 November).
“In charting our long-term economic future, we must enable the birth and growth of more homegrown companies that will not only fly our flag high globally but also bring about better jobs and opportunities for our people,” he wrote on Facebook yesterday.
Citing Shopee’s parent company Sea as “the largest homegrown tech company” in Singapore, Mr Chan noted that he felt encouraged to see how the firm has continued to grow even amidst the coronavirus pandemic.
“The presence of fast-growing companies like Sea and others like Secretlab or V-key reflects the strengths in our economy and affirm that we have the right macro-conditions to help our local businesses to thrive,” he noted.
“They are also a testament to Singapore’s competitive advantages as a base to serve the region and the world,” the Minister added.
Mr Chan stressed the need to build these strengths so that more local companies can compete in the global arena while “anchoring key global companies” in the city-state.
“As more of our companies grow and become more successful, they will also bring along our SMEs and uplift the entire ecosystem,” he stated.
The Minister is hoping to see more partnerships among companies as he believes that these will leverage the firms’ value propositions, develop higher capabilities and provide solutions to the nation.
He also praised Shopee’s move to launch a new cross-border initiative in the first half of next year, noting that it will help Singapore’s online businesses to expand their reach in Malaysia and access new markets and consumers.
“As we grow our digital economy, it is imperative that we continue to develop our strong ICM sector which plays the role of a growth multiplier for other industries.
“This will also allow the ‘broad middle’ of our companies in all industries to grow and seize emerging opportunities,” said Mr Chan.