INITIATIVES TO ASSIST BUSINESSMEN IN EXPLORATION INTO NEW MARKETS

Mr Tay Beng Chuan asked the Minister for Trade and Industry if his Ministry intends to supplement its current schemes with any initiatives to assist businessmen in their exploration into new markets beyond this region.

Mr Lee Yock Suan: Presently, several schemes are in place to help companies to regionalise and explore new markets. For example, the Business Development Scheme provides grants to cover the costs of overseas studies and visits to explore new markets; and the Regionalisation Finance Scheme (RFS) provides loans to companies for the acquisition of fixed assets overseas.

Since FY 96, some 250 cases amounting to S$11 million has been approved for various programmes under the Trade Development Incentive (TDI) scheme. To assist companies in exploring new markets, we will further expand the TDI scheme to assist companies in setting up overseas marketing offices and other business development programmes such as branding, franchising and licensing.

TDB will also increase its promotional activities in terms of trade missions and fairs. TDB's plan for 1999 is to increase the number of missions and fairs to new markets to 28 as compared to 18 in 1998. Singapore's exports with these markets such as the Middle East, Mexico, Central and Eastern Europe and South Asia saw a year-on-year increase of 18%, 19%, 38% and 28% respectively.