SINGAPORE: Singapore
companies remain bullish on the China market, even when faced with strong
competition and rising costs, according to the inaugural China Business Climate
Survey by International Enterprise (IE) Singapore.
In a survey of about 400 senior executives of
Singapore companies, 86 per cent of the respondents said they are not
considering moving their Chinese investments to up and coming markets in
Southeast Asia.
However, four in 10 respondents said they are on a
lookout to build up presence in the West and Central provinces of China due to
government incentives and infrastructure developments in these areas.
Meanwhile, key challenges faced by local companies
include a complex bureaucracy and inconsistent regulations.
IE notes that Singapore companies should leverage on
the strong Singapore branding, which conveys quality, safety, reliability and
trustworthiness, in order to stay relevant.
Law Chung Ming, group director at IE Singapore, said:
"We are also encouraging companies to cluster together, band together,
form consortiums or complimentary groupings whereby in such a way one plus one
will be bigger than two, so they can offer a more holistic and comprehensive
suite of products and services to the Chinese market and these two aspects will
enable us to have an edge over the competition."
According to IE Singapore, Singapore was China's third
largest trading partner in 2012, with S$103.82 billion worth of total trade
recorded between the two countries.
- CNA/fa
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