More Malay Muslim businesses are venturing overseas, even as they are crimped by constraints at home such as high rent and labour costs, a new survey shows.
The survey, conducted by the Singapore Malay Chamber of Commerce and Industry (SMCCI) and DP Information Group, found that 36 per cent of the companies surveyed have revenue sources abroad.
This is up from 15 per cent in a similar survey done in 2007.
Among those with ventures abroad, a third are generating the bulk of their revenue overseas, the latest survey showed.
Conducted in the first quarter, the survey polled about 500 companies in the Malay Muslim business community. The results were disclosed to about 400 participants at yesterday's Malay Muslim Business Conference, held at Orchard Hotel.
High rental and labour costs, domestic competition, and a labour shortage were major business concerns, the poll showed.
Of the respondents who have not used the slew of government funding schemes available to small and medium-sized enterprises (SMEs), one-third said they did not know how to apply.
Another 22 per cent said they were unable to meet the qualifying criteria for these schemes.
The popular Productivity and Innovation Credit scheme, for instance, requires companies to have a minimum of three local employees in order to qualify for a cash payout. Small businesses unable to meet that criteria need extra help, said SMCCI president Zahidi Abdul Rahman. He added that the chamber is working with government agencies to look into aid for micro-SMEs.
Malay Muslim businesses are increasingly looking outside the community - and beyond Singapore - to grow, said Mr Zahidi.
While a few more years are needed to reach a "critical mass" of companies venturing abroad, "more important than keeping costs down is the opportunity to be in a market that is much bigger than Singapore's", he added.
Ms Samsiah Suliman, managing director of satay manufacturer Jumain Sataysfaction, said the firm is looking into ASEAN markets such as Myanmar. It already has a presence in Macau, Hong Kong and the Middle East, including in Dubai, Oman and Abu Dhabi.
"In the past, products from Singapore were perceived as more expensive... Now as ASEAN markets become more open, we are exploring the possibilities," said Ms Samsiah, who added that all of the company's products are manufactured in Singapore.
She was one of the speakers at yesterday's conference, which also featured other prominent members of the Malay Muslim business community such as fashion designer Ashley Isham, chief executive of Cathay Organisation Suhaimi Rafdi, and wedding boutique owner Fatimah Mohsin.
This article was published on May 8 in The Straits Times.
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