Peter Ong urges Singapore businesses to pursue international expansion amid challenging economic climate
Enterprise Singapore chairman Peter Ong, in his final interview before retiring at the end of March, emphasized that Singaporean companies should remain aggressive in pursuing international expansion despite global challenges such as deglobalisation and geopolitical uncertainty. Ong stressed that while the volatile economic environment poses difficulties, especially for smaller companies, it remains critical for businesses to look beyond the local market to achieve sustainable growth.
Ong outlined Enterprise Singapore’s dual approach: focusing on developing growth industries and nurturing local enterprises. He highlighted the agency’s continued commitment to supporting businesses with grants and initiatives to help them scale internationally, identifying potential industry leaders as part of their strategy.
Ong acknowledged the challenges that the current global economic landscape presents but urged businesses to see internationalisation as a key growth opportunity, and promised that EnterpriseSG would persist in providing necessary support to companies aiming for global success.
