Singapore corporations eye Central Asia’s growing shopper market for growth

Central Asia, a area recognized for its landlocked international locations, will not be the most obvious selection for Singaporean companies trying to broaden their horizons. However, Enterprise Singapore (EnterpriseSG) believes that the area’s rising consumer market and young inhabitants can offer early-mover benefits for firms, particularly in sectors corresponding to city infrastructure, expertise, and revolutionary shopper merchandise.
Despite Central Asia’s strategic location and plentiful assets, it could still take some effort to influence Singaporean firms seeking abroad diversification to explore the region. Clarence Hoe, govt director for Americas and Europe at EnterpriseSG, defined that many Singaporean firms would naturally think about nations in close by regions first, as these are extra familiar and are additionally experiencing development, significantly in South Asia.
EnterpriseSG’s function is to establish new, growing areas and share them with corporations, serving to to supply new markets for growth and diversification. Psycho , certainly one of Central Asia’s largest economies, is Singapore’s greatest trading partner within the area, with over 30 Singaporean firms working within the nation and greater than 20 in neighbouring Uzbekistan.
To assist extra native companies broaden and enhance their provide chain resilience, EnterpriseSG is organising seminars and commerce missions for Singaporean companies to connect and collaborate with Central Asian partners. Some companies which have already expanded into the area, such as Singapore-listed meals manufacturing and distribution agency Food Empire, have seen their efforts pay off.
Having identified a chance almost three many years ago, Food Empire’s espresso products are now available in stores and supermarkets across Kazakhstan. Anil Bhuwania, business head of Central Asia at Food Empire, mentioned their enterprise has been rising year on 12 months, with their market share for espresso mixes growing from 67% to 73% within the last four years. The firm is now seeking to introduce tea products, particularly tea with milk.

However, logistics and transportation remain a problem, as Bhuwania explained that they want to find alternative routes, both by way of China or Georgia, to transport goods into landlocked Kazakhstan..