Singaporean firms hold great potential to enter Chinese market: experts

A corner of Singapore (Photo: www.straitstimes.com)

Hanoi (VNA) – Enormous business opportunities lie ahead for Singapore companies to venture into China despite the economic fall-out from COVID-19, said Singaporean economists and business leaders during a recent webinar.

The "Beyond COVID-19: Mitigating the Impacts and Preparing for New Business Opportunities in China" webinar was organised by the Singapore Business Federation.

Potential sectors in the Chinese market include the food technology, transport, logistics and medical services, said the panelists.

Amid the restructuring of the global supply chain, Singapore will be an attractive destination for supply chains to relocate to, said Alex Capri, visiting senior fellow at the National University of Singapore.

For instance, it has a high-tech semiconductor sector, is building its own 5G infrastructure as well as new capabilities in artificial intelligence and drones, he explained.

On emerging business opportunities in China, Chairman of Singaporean tech company CrimsonLogic Eugene Wong said Singapore companies can look at sectors like technology, seek to raise the efficiency of China's transport and logistics industry, work with Chinese companies to improve healthcare services and develop food technology solutions for sustainability, and offer e-financing services.

Singapore firms should also tap on intergovernmental projects such as the Chongqing Connectivity Initiative, and work with more private sector enterprises instead of state-owned enterprises, he added./.