OPENING UP OPPORTUNITIES
While bigger companies typically have the resources for a US venture, smaller tech firms with the right innovation can also have the flexibility to make the move, said the SBF.
Plans by Singapore firms to enter the US market are not slowing down, despite incoming US President Donald Trump’s pledge to impose tariffs on foreign imports.
“There’s a lot of uncertainty, and everybody has been having an open mind to look at what is to come, and trying to see how they can leverage this new presidency as well,” said Ms Samantha Teo, executive director of SBF’s international business division.
“The (Trump) administration could have many different opportunities open up for our Singapore companies to look into, and so they are all excited.”
Ms Teo said there has been a steady increase in the number of companies asking about the US, including the growth potential and market size.
“There’s a substantial amount of investors and venture capitalists that are available. So the entire start-up and tech ecosystem within the US is a very attractive market for most of our Singapore companies,” she added.
Homegrown electric motorcycle manufacturer Scorpio Electric is also eyeing the US market.
The firm is eagerly anticipating Trump’s policies on electric vehicles and innovation, especially with his close ties to tech entrepreneur Elon Musk, CEO of automaker Tesla.
“We could see an increase in innovation within the US space, when it comes to electric vehicle components, supply chain and system providers,” said Scorpio Electric CEO Joshua Goh.
“The Europeans and the Chinese have very much been entrenched in this space. So I’m excited to see how the US pans out and how they continue to develop.”
