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Singapore is top Asean destination for companies looking to expand footprint in next 2 years: HSBC survey

MORE than a third of international firms with an in-market presence say they will prioritise their growth in Singapore over the next two years, according to the findings of a new survey by HSBC released on Wednesday (Sep 6).

Of the companies polled, 36 per cent of them that have operations in Singapore said they have business expansion plans there in the near future. This is followed by 27 per cent for companies in Malaysia, and 24 per cent for those in Thailand.

The HSBC Global Connections survey polled 3,509 businesses in Australia, France, Germany, Hong Kong, India, mainland China, the UK, the US, and these Gulf Cooperation Council countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The survey – conducted online over a week from Jul 25 to Aug 2 this year – assessed key decision-makers from companies with an annual turnover of at least US$5 million and who already do, or are considering doing, business in South-east Asia. 

Singapore stands as an established hub for international companies with operations in Asean and continues to attract investments, said HSBC.

The respondents cited a number of advantages that Singapore holds over its competitors, including a skilled workforce, a growing digital economy, developed infrastructure, a supportive government and regulatory environment, as well as supply chain ease.

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