5/3/2017 11:33:21 AM
|written By : Team India Se|
With the growing economic prowess of India, Singapore-based Small & Medium Enterprises are eyeing the market in order to benefit from the country’s lower costs.
Recently, International Enterprise (Singapore) signed two MoUs with co-working space 91springboard and SKP Business Consulting (SKP) in India. These partnerships will help SMEs gain a foothold and build connections there, while overcoming resource constraints.
“Having worked with over 200 companies exploring business opportunities in India over the past few years, IE Singapore sees rising interests from SMEs in the market. Our Internationalisation Survey 2016 reflected the same sentiments. Singapore’s cumulative investments into India also grew by 30 per cent to reach S$29.6 billion as at end 2015,” it said in a media release.
Said Mr Satvinder Singh, IE Singapore’s Assistant Chief Executive Officer (CEO), “IE Singapore has been deepening relations with Indian states and cities to boost partnerships for Singapore companies, including SMEs. However, we recognise SMEs face challenges in making their first in-market forays, including in-depth market understanding such as customer needs, regulations and tax policies. SMEs are also hoping to connect to potential partners and market advisors. Our partnerships with 91springboard and SKP aim to reduce the barriers to entry and help them set up initial in-market presence."
To help companies set up in India easily, IE Singapore is working with 91springboard to offer over 10 co-working spaces in major cities including Bangalore, Delhi, Gurgaon, Hyderabad, Bombay, Navi Mumbai and Noida.
Beyond an office space, SMEs can conveniently access business advisory services through 91springboard’s pool of 70 service providers covering business incorporation, financing, legal, HR management and tax.
Food manufacturer Tong Garden is an example that recently engaged SKP to understand the regulations and processes necessary to register land for its manufacturing plant in Gujarat. Said James Ong, Managing Director of Tong Garden, “Although Tong Garden has been exporting our products to India since 2008, setting up a manufacturing plant here is new to us. It was extremely important to find an experienced market consultant so we can register our land as quickly as possible. For SMEs, cost, time and contacts make a huge difference to our bottom-line. Initiatives providing SMEs with cost-effective options for office space and market research are very useful as we expand in the market.”