SPIKE IN COUNTRIES EXPLORING EUROPE
Enterprise Singapore, which champions internationalisation, said it has seen a spike in companies exploring opportunities in Europe post-pandemic.
In 2023, EnterpriseSG supported 220 companies to explore a wide range of markets in Europe, including Belgium, France and Germany. This was 20 per cent higher than in 2022, and almost 50 per cent more than that in 2019, pre-COVID-19.
German firms, in particular, are keen to partner, or tap merger and acquisition opportunities with Singapore firms, said Mr Alan Yeo, director of Europe at EnterpriseSG.
Many small- and medium-size enterprises (SMEs) in Germany, have faced challenges in growing due to the limited size and market size in Germany, and want to venture out, but they have limited opportunities, he said.
They also find succession planning for their particularly niche and technology-based businesses difficult, he added.
“They are looking for partners who can help them to grow in terms of different markets, especially in Southeast Asia or Asia regions and (some of them) are also very open to merger and acquisition opportunities and joint ventures,” he said.
GROWING TECH PARTNERS
With Singapore and Germany sharing many economic priority areas, there continues to be room for start-ups to tap opportunities. Under an initiative called the Global Innovation Programme, EnterpriseSG is looking to grow more partners in the tech sector.
Firms like TeleMedC, which uses what may pass off as a routine eye check to detect diseases like diabetes, have benefitted from the programme.
In 2021, the firm wanted to bring its artificial intelligence software out of Asia in 2021, and crack into the European market through Germany.
However, success was out of sight initially. Language was a big barrier, said the firm’s CEO Para Segaram.
“None of us spoke German, so it was very difficult going to a country where you don’t even know the language. The entire business conduct is all in German, so it’s pretty challenging,” he said.
He added that the firm also did not know how to enter the German market. Through the programme, he was able to link up with other stakeholders.
EnterpriseSG appoints a network of partners to accelerate firms’ journeys by familiarising them with a market, helping them strategise and building connections, said its assistant managing director of innovation Emily Liew.
“We will connect them to investors, reference customers or other co-innovators, if you know they need to improve their product for the market further,” she said.
