SINGAPORE — As the Covid-19 crisis waned, Mr Michael Teo decided sometime last year to ramp up operations in Malaysia again for his company EduCareerSG, which matches jobseekers with firms in Singapore that are willing to offer employment and sponsor their education.
But he met with an unexpected business foe: Job scams, which had proliferated during the Covid-19 years amid employment anxieties as entire sectors in various countries got upended.
While some challenges like that faced by EduCareerSG came from the left field, other companies that spoke to TODAY highlighted issues such as rising operational costs, manpower crunch and customers' evolving preferences in their key markets.
But as many Singapore companies have realised, returning to their old overseas stomping grounds is not as straightforward as it seems. Its managing director, Mr Yam Chau Wang, said that at that time the firm faced pressure “to eliminate our dependence on sources that are unstable, for example our usual supply chain from China and Singapore”.
With property prices “at an all-time high” in today’s climate, it has become “more challenging to purchase or rent a property”, he added.According to Enterprise SG, there are many opportunities that Singapore companies can seize globally in three types of markets: Mainstay markets, markets with specific focus, and emerging markets.
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