60 per cent of Singapore companies have achieved both their financial and strategic objectives over the last three years, according to a newly released Telstra Global survey.
More than half of local Singapore companies operating in Asia are growing and the outlook for their future is bright in the region.
43 per cent of Singapore companies expect to exceed their financial and strategic objectives in Asia region over the next three years and 75 per cent of Singapore businesses view their global leadership team as effective.
The Telstra Global Connecting Countries report also revealed that 38% of companies are focused on expansion into Singapore, 33% want to expand in Hong Kong and 32% in India.
"Singapore is an enduringly attractive location for international expatriate executives, with 39 per cent of workers in Singapore-headquartered companies saying that they will still be working in Singapore in five years," said Telstra Global managing director, Martijn Blanken. "However, 29 per cent of Singapore companies say that finding good local talent is extremely challenging."
China primary growth market
Companies who want to prioritize entry into Asia over the next three years see China as their primary growth market.
50% of the respondents nominated China as part of their strategic expansion plans and the same number see expanding into new markets as extremely important to the success of their firm in the next three years.
Asia Business Champions, a superior category of top business performers in Asia, comprise top 5per cent of overall companies in Asia and are more likely to have a global footprint than others in the study.
82% of Asia Business Champions operate both in and outside of Asia; 32% of these performers are companies headquartered in the US, and UK companies make up 8 per cent of Asia Business Champions.
15 per cent of information and communication technology (ICT) and 12per cent of financial services companies are also over-represented in the Asia Business Champions category.
"On a global level, the ICT industry is a standout in Asia, with more than 70 per cent of these companies having been very successful in Asia in the past three years, compared to 61 per cent of companies across other sectors," added Blanken. "Over the next three years both financial services and insurance companies and those in the ICT sector are most bullish about exceeding their objectives in Asia, with 55 and 51 per cent respectively, compared to 42 per cent overall."
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