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Singapore expands destination for Asian businesses

Singapore expands destination for Asian businesses

SINGAPORE: Singapore has emerged as the top destination for Asian businesses expanding abroad, according to a UOB survey out yesterday.

The country’s stable political and social climate is a strong draw in these challenging times as overseas expansion becomes more urgent amid slowing sales in domestic markets, the poll showed.

The bank’s Asian Enterprise Survey was first conducted in 2014 and is now in its second edition. The latest survey polled 2,500 companies in six markets – mainland China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand.

Just under one-third, or 32 per cent, of the business leaders surveyed said they would choose Singapore as the market to expand into in the next three to five years. The Republic also took top spot in the 2014 survey.

Coming in second was Japan (29 per cent), followed by Vietnam (28 per cent). China was ninth with 22 per cent.

Asian companies still see opportunities for growth in the region but are cautious about overseas expansion given the tough economic environment, said Mr Frederick Chin, the head of group wholesale banking at UOB.