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“I saw so much opportunity in India,” said Mr Raymond Tan, CEO and co-founder of The Hub’s Group, a Singapore-based manufacturer of retail fixture and other retail equipment. “I had to make the jump.”
Doing business, he found, had become more seamless in the country. Though he encountered difficulties over the years, they were not significantly more prohibitive than anywhere else in region. In fact, he felt, particularly as a Singaporean company, that there was plenty of support available thanks to multiple bilateral agreements between the two countries, including the [Singapore-India] Comprehensive Economic Cooperation Agreement (CECA) which opened up market access in a variety of manufacturing, service and financial sectors.
“No matter which country you go to, [globalising your business] is a challenge,” Mr Tan said. “Even Singapore is a challenge. But for me, those countries with the most challenges and obstacles, I feel that I can find even more opportunities there. Usually, these challenges are quite basic. You just need to go deeper to understand them, and you realise it’s actually not so difficult.”
Mr Tan pinpointed three key factors that have helped his company take root in India. Deeply understanding the business culture and finding the right local partner was critical, he said. As with any overseas opportunity, it’s also required having the courage and willingness to venture somewhere new.
Read more #SgGoesGlobal stories by Enterprise Singapore.
Credit: Enterprise Singapore