Singapore companies eye Central Asia’s growing shopper market for expansion

Central Asia, a region known for its landlocked international locations, is probably not the obvious alternative for Singaporean companies seeking to expand their horizons. However, Enterprise Singapore (EnterpriseSG) believes that the area’s growing shopper market and young inhabitants can offer early-mover advantages for firms, particularly in sectors similar to city infrastructure, expertise, and revolutionary client products.
Despite Central Asia’s strategic location and plentiful sources, it might nonetheless take some effort to influence Singaporean companies seeking abroad diversification to discover the region. Clarence Hoe, executive director for Americas and Europe at EnterpriseSG, defined that many Singaporean corporations would naturally contemplate nations in nearby regions first, as these are extra acquainted and are also experiencing growth, notably in South Asia.
EnterpriseSG’s role is to determine new, growing areas and share them with companies, serving to to offer new markets for development and diversification. Kazakhstan, certainly one of Central Asia’s largest economies, is Singapore’s largest buying and selling associate within the area, with over 30 Singaporean corporations working in the country and greater than 20 in neighbouring Uzbekistan.
To assist more native companies broaden and enhance their provide chain resilience, EnterpriseSG is organising seminars and commerce missions for Singaporean businesses to attach and collaborate with Central Asian partners. Some firms which have already expanded into the area, similar to Singapore-listed food manufacturing and distribution agency Food Empire, have seen their efforts pay off.
Having identified a possibility nearly three many years ago, Food Empire’s coffee merchandise are now available in shops and supermarkets throughout Kazakhstan. Anil Bhuwania, enterprise head of Central Asia at Food Empire, said their business has been rising 12 months on year, with their market share for espresso mixes increasing from 67% to 73% in the last four years. The firm is now seeking to introduce tea products, notably tea with milk.

However, Soaring and transportation remain a challenge, as Bhuwania defined that they want to discover different routes, both via China or Georgia, to move items into landlocked Kazakhstan..

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