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IE Singapore has launched an online business matching and trading portal to showcase the products of 100,000 local small and medium enterprises.
Called BuySingapore, it is intended to help pair SMEs with overseas buyers and suppliers.
An estimated S$10 million will be invested in the initiative, by IE Singapore and local IT provider Abecha, over the next five years.
According to a 2006 SME Development Survey by the DP Information Group, local companies ranked expansion into new overseas markets as their most important business strategy for the next one to two years, after raising productivity.
But for smaller firms, this is easier said than done.
Challenges faced include a lack of manpower, overseas knowledge, and overseas business contacts.
This is where the e-portal, with its matchmaking facilities, comes in.
Thian Tai Chew, Director - Enterprise Group, IE Singapore, said: "We will actively acquire foreign leads through our presence in over 35 locations worldwide. We will engage overseas marketing agents and partner our overseas trade counterparts to ensure that BuySingapore will provide plenty of opportunities for Singapore-based enterprises to connect with international markets. Our target is to disseminate at least 30,000 foreign leads through BuySingapore annually."
Local companies can create company profiles, trade leads and product catalogues online.
The portal then matches them to interested overseas buyers and suppliers, allowing local and foreign businesses to make those first connections with each other.
Mr Thian said: "Behind the portal front, there is an active foreign marketing and leads acquisition plan championed by IE. As a start, IE will be promoting BuySingapore actively in key overseas trade shows and missions. I was told there are about 200 overseas trade shows and missions planned a year, either to be led by IE or trade associations, and we will tap on each of these events in overseas markets to promote BuySingapore and acquire business leads."
IE Singapore hopes to acquire up to 20,000 local subscribers within the next two to three years.
Some of the key industries they will be promoting will be lifestyle, food, electronics, construction and services.
Key overseas markets IE Singapore is targeting, include ASEAN, Japan, Europe and the United States. - CNA/ch
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