SPIKE IN COUNTRIES EXPLORING EUROPE ,
Business Singapore, which champions internationalisation, said it has seen a rise in firms exploring options in Europe post-pandemic.  ,
In 2023, EnterpriseSG supported 220 organizations to observe a wide range of areas in Europe, including Belgium, France and Germany. This was 20 per cent higher than in 2022, and nearly 50 per cent more than that in 2019, pre-COVID-19.  ,  ,
European businesses, in particular, are eager to companion, or touch merger and acquisition opportunities with Singapore firms, said Mr Alan Yeo, chairman of Europe at EnterpriseSG.  ,
Many small- and medium-size enterprises ( SMEs ) in Germany, have faced challenges in growing due to the limited size and market size in Germany, and want to venture out, but they have limited opportunities, he said.  ,
They even find succession planning for their mainly niche and technology-based companies challenging, he added.  ,
They are looking for companions to expand in terms of various businesses, particularly those in Southeast Asia and Asia, and some of them are open to joint ventures and mergers and acquisitions, he said.  ,
GROWING TECH PARTNERS ,
With Singapore and Germany sharing some economical concern regions, it continues to be room for start-ups to click options. EnterpriseSG is looking to expand its network of colleagues in the technology industry as part of an action called the Global Innovation Programme.  ,
Companies like TeleMedC, which uses what may go off as a regular eye test to find diseases like diabetes, have benefitted from the program.  ,
The company aimed to exit Asia in 2021 and enter Europe via Germany with its artificial intelligence software.  ,
But, success was out of sight first. Speech was a great barrier, said the agency’s CEO Para Segaram.  ,
” None of us spoke German, so it was very difficult going to a country where you do n’t even know the language. The whole company do is all in German, so it’s very challenging”, he said.  ,
He added that the business was unsure of how to enter the European market. Through the program, he was able to link up with various participants.  ,
According to its assistant managing director of advancement Emily Liew, EnterpriseSG appoints a network of companions to speed up businesses’ journeys by familiarizing them with a business, helping them strategize, and building contacts.  ,
” We will connect them to investors, reference clients or another co-innovators, if you know they need to enhance their product for the business further”, she said.  ,