Singapore firms double down on regional expansion, building of supply chain resilience: HSBC survey

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SINGAPORE - Firms in Singapore are doubling down on expanding their business networks in Asia and buildingresilience in their supply chains in the face of a long recovery from the coronavirus pandemic, according to a survey.. Read more at straitstimes.com.

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SINGAPORE - Firms in Singapore are doubling down on expanding their business networks in Asia and buildingresilience in their supply chains in the face of a long recovery from the coronavirus pandemic, according to a survey.

About half or 51 per cent of local firms are immediately investing in overseas expansion, compared to 44 per cent in Asia-Pacific. Mr Iain Morrison, head of global trade and receivables finance at HSBC Singapore, said:"There's no doubt that Singapore's businesses have been hard-hit; it comes with the territory of being one of the world's most internationally connected trading hubs.

Some 63 per cent said they are looking to include digital tools or technology into their supply chains, compared to the 48 per cent of global firms surveyed. The South-east Asia market has always been on the radar for the company, she said, adding that the pandemichas halted its ambitions. It has also been expanding across Asia, he said, adding that the company's direction has always been to bring its brand overseas regardless of an economic downturn.

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