By Singapore Business Federation | September 29, 2023 | Business, International Relations
The Singapore Business Federation (SBF) recently concluded its Overseas Market Workshop (OMW) to West Malaysia, held from September 18 to 22, 2023. Supported by Enterprise Singapore, the delegation included 21 senior business representatives from 19 prominent Singaporean companies. The mission aimed to foster a deeper understanding of Malaysia’s economic landscape and identify potential avenues for international expansion.
Exploring Market Opportunities
The delegation engaged with established Malaysian enterprises, including YYC Group, iStoreiSend, Hicom Pegoh Industrial Park, Infinity 8, ECO World, and Tropicana. These interactions provided valuable insights into the ongoing developments within Malaysia’s business ecosystem.
Nurturing Bilateral Relations
In addition to corporate visits, the delegation met with key Malaysian government agencies such as the Malaysian Investment Development Authority (MIDA), MARTADE, and State Executive Councils. Discussions centered around governing policies, business incentives, market regulations, and operating environments. The visit also facilitated networking and business matching sessions.
Strengthening Economic Ties
Singapore and Malaysia have maintained robust economic ties over the years. Singapore ranks as Malaysia’s second-largest trading partner and features prominently among the top five sources of foreign direct investment (FDI). The interest of Singaporean companies in Malaysia remains strong, as evidenced by the 420 advisories provided by SBF to approximately 300 Singaporean companies since the inception of the GlobalConnect@SBF program in November 2019. Furthermore, SBF has played a pivotal role in facilitating 29 successful projects across various sectors, including manufacturing, food processing, and services, enabling their entry into the Malaysian market.
SEO Keywords: Singapore Business Federation, Overseas Market Workshop, West Malaysia, International Expansion, Economic Ties, GlobalConnect, Business Delegation, Market Opportunities, Government Agencies, Bilateral Relations, Foreign Direct Investment, Manufacturing, Food Processing, Services, Internationalization.
Image Credit – SBF Singapore
