Local Business Development Forum November 2010 Brunei Professor Tan Kim Song Singapore Management University

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1 MNCs or SMEs? Perspective from Singapore Local Business Development Forum November 2010 Brunei Professor Tan Kim Song Singapore Management University

2 ASEAN: Business Environment Rankings Indicators Singapore Brunei Malaysia Thailand Indonesia Global Competitiveness Index WB Ease of Doing Business Source: Global Competitiveness Report 2010; WB Ease of Doing Business 2011

3 Foreign Companies vs. Local Companies Trends in the share of Value-Added by Ownership and Size $bil $bil % 44% 45% 47% 48% 49% 52% 51% % 54% 56% 54% 55% 53% 53% 51% % 56% 55% 53% 52% 51% 48% 49% % 44% 46% 44% 46% 45% 47% 47% Local Foreign SME Non-SME Source: MTI, Singapore 4

4 % VA Attributable to Local Enterprises Foreign MNCs Dominate the Economy Manufacturing Local Non-SMEs Local Dominated Non-SMEs Dominated Transport Engg Chemicals Foreign Electronics Non-SMEs Foreign Dominated Non-SMEs Dominated Biomed General Mfg Local SMEs dominated Local SMEs dominated Precision Engg Foreign SMEs Dominated Foreign SMEs Dominated Source: MTI, Singapore % VA Attributable to SMEs 5

5 %VA Attributable to Local Enterprises Local Companies More Active in Services Sector Services Local Non-SMEs Dominated Foreign Non-SMEs Dominated Info & Comms Other Services Hotel & Restaurants Financial Svcs Tpt & Storage Local SMEs dominated Real Estate/Biz Svcs Wholesale & Retail Foreign SMEs Dominated % VA Attributable to SMEs 6 Source: MTI, Singapore

6 Why the Dominance of MNCs in Singapore? MNCs are key contributor to Singapore s economic success Singapore able to attract MNCs through efficiency Main economic/business policies geared towards satisfying needs of MNCs. SMEs neglected Presence of large GLCs adds to challenges of SMEs

7 Recent Recognition of MNC-SME Imbalance Twin effects of imbalance Unhealthy distribution of GDP Weak Domestic Production Capability Vulnerability of economy Compares badly with Germany, Taiwan, Korea, etc Poor track records in innovation/productivity growth Shift of growth strategy from efficiency-driven to innovation-driven SMEs important to innovation

8 New Efforts to Help SMEs What explains Singapore top rank in WB index? Economies of scale identified as key SME challenge Regionalization/Internationalization seen as solution Existing institutions to support SMEs Spring Singapore; IE Singapore; EDB Recent measures: Job Credit Scheme; LIUP Scheme ESC Recommendations

9 ESC Recommendations Cross-border financing facilities to help SMEs internationalize Small domestic market a handicap. Not able to access regional/international markets for scale economies To develop specialist financing institutions like Export Credit Agencies and EXIM banks To provide risk insurance for trade finance and overseas investments To provide guarantees and co-financing with commercial banks on project finance Catalyst growth capital: Government as co-investor for PE financing of Singapore-based SMEs Private sector investors to assess investment worthiness

10 ESC Recommendations Empower trade organizations/chambers of commerce to drive SME growth and internationalization Currently mainly involved in manpower development, networking, consultancy/information services Government to strengthen their institutional capabilities to undertake bigger role in SME growth and internationalization Drive productivity, capability and talent development programs Consolidation and aggregation of resources for overseas expansion e.g. marketing, promotion, brand development etc.

11 ESC Recommendations Government to help develop SME s capabilities to support MNCs and large local consumers Help familiarize SMEs with qualifying process of MNCs Share government s future needs with SMEs Enhance access to human capital Formalize long term arrangement for SMEs access to network of advisors for strategic, functional and domain-specific help Broaden scope for tertiary students internship with SMEs

12 Thank You!

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