Large firms to focus on local market, Latest Business News - The New Paper

Large firms to focus on local market

This article is more than 12 months old

Larger firms here will be focused on maintaining their competitive edge locally rather than expanding overseas, according to a new survey.

It also found that uncertainty over world markets in the wake of events like Brexit were prompting bosses to put foreign forays on hold.

The poll also noted that increased investment to improve returns and the pursuit of innovation were also identified as top spending priorities.

The survey by global services company American Express interviewed 30 chief financial officers (CFOs) from companies based in Singapore across a range of industries and with worldwide revenues above US$500 million (S$697 million).

All but one of the CFOs plan to spend more this year on the back of bullish expectations on economic growth.

But concerns about political and economic uncertainty abroad were cited as key reasons to delay entering new markets, a strategy that was the second priority in last year's survey but further down the list now.