Over three-quarters (79%) of British businesses operating in Singapore have expressed confidence in the region as a long-term business hub, according to a survey by the British Chamber of Commerce Singapore (BritCham) conducted in August.
This confidence is driven by Singapore’s strategic location, providing access to a burgeoning market of over 600 million consumers across the ASEAN region. With ASEAN predicted to be economically larger than the EU by 2050, there are many opportunities for British firms in the region.
However, the survey also highlights challenges faced by British firms, including retaining talent, particularly among younger employees, and high salary demands.
“Feedback from our member companies highlighted three key challenges – availability of talent, retention of talent, and the cost of doing business in Singapore,” said a spokesperson for BritCham. “It’s worth noting that these talent retention issues are not unique to foreign-owned businesses.”
BritCham believes that with a collaborative approach and initiatives like the Complementarity Assessment Framework (COMPASS), businesses can navigate these challenges and contribute to Singapore’s continued economic growth.
The COMPASS framework is a new system for assessing the eligibility of foreign workers to work in Singapore. It aims to ensure that foreign workers complement the local workforce and meet the needs of businesses.
BritCham also offers an array of initiatives and support programs to address the challenges highlighted in the survey. These include networking events, training programs, and advocacy with the government.
Despite the challenges, British businesses remain optimistic about their future in Singapore. The region’s strong economic growth, strategic location, and pro-business environment make it an attractive destination for British investment.
