When Hyflux made a hit in China's market, Temasek got red eyes and force Olivia Lum to sell the shares to Temasek. That's what Hairo Lim called "seize the opportunity".
Seize the opportunity
S'pore firms should venture overseas in time of crisis, says MTI minister
Local firms should expand their global footprint in the emerging economies during the downturn, and prepare themselves to become even more competitive when the economic recovery comes, said Trade and Industry Minister Lim Hng Kiang (left). -- ST PHOTO: DESMOND WEE
DESPITE the pervasive gloom in the global economy, Singapore companies must take advantange of this 'window of opportunity' to sharpen their competitiveness, said Trade and Industry Minister Lim Hng Kiang on Tuesday.
Local firms should expand their global footprint in the emerging economies during the downturn, and prepare themselves to become even more competitive when the economic recovery comes, he said.
He suggested three growth strategies: market diversification; mergers and acquisitions; and banding together to venture overseas.
Mr Lim was speaking at the annual Singapore International 100 Ranking, organised by IE Singapore, with DP Information Group, which honours Singapore's top 100 companies ranked by overseas revenue.
This year, a new category - the Top Ten Internationalising SMEs - has been introduced to rank small and medium enterprises on their overseas revenue.
Local firm Sineurope, which specialises in supplying high-end seafood products such as sharks fin and sea cucumbers, emerged top of the league with $67.5 million in overseas revenue, mainly from North Asia.
Mr Lim said he was 'happy to know that SMEs are also making great strides in penetrating overseas markets.'
Another new category - Top Ten Faster Growing Internationaling Companies - saw property group Wing Tai Holdings ranked first with a compounded annual growth rate of 1,161 per cent for the last three years.
Out of 839 companies which took part in the 2008 survey, agri-business firm Wilmar International topped the overall Top 100 list with an almost two-fold growth in overseas revenue of 191 per cent.
It also topped the markets of China, India, the Middle East and North Asia in terms of its overseas revenue contributions.
The total overseas revenue of the top 100 companies amounted to $173 billion, a robust 20.4 per cent growth from the previous year.
Seize the opportunity
S'pore firms should venture overseas in time of crisis, says MTI minister
Local firms should expand their global footprint in the emerging economies during the downturn, and prepare themselves to become even more competitive when the economic recovery comes, said Trade and Industry Minister Lim Hng Kiang (left). -- ST PHOTO: DESMOND WEE
DESPITE the pervasive gloom in the global economy, Singapore companies must take advantange of this 'window of opportunity' to sharpen their competitiveness, said Trade and Industry Minister Lim Hng Kiang on Tuesday.
Local firms should expand their global footprint in the emerging economies during the downturn, and prepare themselves to become even more competitive when the economic recovery comes, he said.
He suggested three growth strategies: market diversification; mergers and acquisitions; and banding together to venture overseas.
Mr Lim was speaking at the annual Singapore International 100 Ranking, organised by IE Singapore, with DP Information Group, which honours Singapore's top 100 companies ranked by overseas revenue.
This year, a new category - the Top Ten Internationalising SMEs - has been introduced to rank small and medium enterprises on their overseas revenue.
Local firm Sineurope, which specialises in supplying high-end seafood products such as sharks fin and sea cucumbers, emerged top of the league with $67.5 million in overseas revenue, mainly from North Asia.
Mr Lim said he was 'happy to know that SMEs are also making great strides in penetrating overseas markets.'
Another new category - Top Ten Faster Growing Internationaling Companies - saw property group Wing Tai Holdings ranked first with a compounded annual growth rate of 1,161 per cent for the last three years.
Out of 839 companies which took part in the 2008 survey, agri-business firm Wilmar International topped the overall Top 100 list with an almost two-fold growth in overseas revenue of 191 per cent.
It also topped the markets of China, India, the Middle East and North Asia in terms of its overseas revenue contributions.
The total overseas revenue of the top 100 companies amounted to $173 billion, a robust 20.4 per cent growth from the previous year.
