One way is to continue nurturing talent with pan-Asian expertise. -BT Lee U-Wen
Deputy Prime Minister Teo Chee Hean addresses global business leaders at IIMPact 2013: New Frontiers.
SINGAPORE – While Singapore has succeeded in attracting many multinational companies to set up base here, the country must differentiate itself to add value to businesses that are interested in this region.
One way the Republic is already doing this is by developing talent with “pan-Asian expertise” to help companies drive business and innovation for Asia and the rest of the world, said Deputy Prime Minister and Home Affairs Minister Teo Chee Hean.
Mr. Teo was speaking at the gala dinner of the Indian Institutes of Management (IIM) alumni’s inaugural global conference last night at the Raffles City Convention Centre.
The two-day event, “IIMPact 2013: New Frontiers“, brought together alumni from both the India-based and overseas chapters.
Among the dignitaries at the dinner were former Singapore President SR Nathan and India’s High Commissioner to Singapore, TCA Raghavan.
Mr. Teo spoke of how Singapore’s location and connectivity make it ideal for global companies to connect to Asia, and for Asian enterprises to connect to the world.
“Our strategic location has historically made Singapore an important center for trade and commerce,” he said, citing examples such as GlaxoSmithKline and Hewlett-Packard, which uses Singapore as a base to direct their activities across the region.
Many Asian companies, too, such as Tata Communications and AmorePacific, South Korea’s largest skincare company, have chosen Singapore as their springboard into global markets, said Mr. Teo.
On its part, Singapore is helping companies here to address their talent needs, through both sector-specific initiatives and leadership efforts, he added.
“Besides hiring and investing in the development of local talent, we are also seeing companies and business leaders going a step further to contribute to the local communities where they are located.
“We hear stories of conglomerates and SMEs alike contributing their time and resources towards meaningful local community projects.”
As companies seek out new markets, especially those which may be quite different from their home base, they will increasingly need to build a better understanding of local cultures and norms, and build healthy mutual respect, said Mr. Teo.
“To succeed in the globalized world, multinational companies not only need to hire local technical specialists and country managers but must also groom local manpower to take up higher corporate positions, including leadership positions.”
The conference kicked off with talks by speakers including former Singapore Airlines and DBS chairman Koh Boon Hwee.
The IIM counts among its alumni many well-known corporate figures, such as DBS chief executive Piyush Gupta, Infosys chairman KV Kamath and MasterCard president and chief executive Ajay Banga.
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