Singapore: Infocomm media a growth sector
Chan said this in the context of developing a new generation of home-grown companies that will boost the local economy and are able to compete on a global landscape, singling out the ICM sector as a bright spark. Growing home-grown companies – including SMEs – into global players would provide Singaporeans with opportunities for good jobs and better salaries.
Singapore should not only attract investment to the country, but also “help our companies to grow so that they can compete on an international stage”, he said after a visit to the Sea group, parent company of home-grown e-commerce platform Shopee. He pledged support for companies with strong growth potential.
He cited Singapore’s competitive advantages such as access to a skilled workforce, political stability, strong rule of law, and robust intellectual protection policy as factors that have enabled local companies to thrive and attracted businesses to set up their regional bases here. These fundamental factors have put Singapore in good stead and “we have every reason to believe that they will continue to serve us well”, said Chan.
Besides the Sea group, home-grown companies such as gaming chair maker Secretlab and cyber security firm V-Key Key have seen tremendous growth and are part of this new generation that can offer global markets with new products and solutions. Currently, seven of the 13 unicorns – start-up companies valued at over US$1 billion – in Southeast Asia are from Singapore, said The Straits Times.