Manhattan's average asking retail rents have dropped by 11 percent from six months ago to US$115 per square foot annually, making it an opportune time to cash in on attractive real estate deals.
USA has always been an important market for Tee Yih Jia, as it has a sizeable ethnic asian population
base and an even larger domestic consumer market with a good disposable income standard.
The United States-Singapore Free Trade Agreement came into force in 2004. Since then bilateral trade has increased by 40 percent, boosting Singapore's exports by 28 percent.
UPS Insights
By Paul Chee, Business Development Manager, UPS Singapore
Governments in Asia Pacific are expected to play a critical role in supporting struggling SMEs, according to the UPS Asia Business Monitor (UPS ABM) 2009. It was also revealed that SMEs look for government support not only to endure the current crisis but to strategically position themselves when the economy rebounds. On the top of SME leaders' list of concerns are better access to capital, financing or loans for SMEs, education and training, and research and development.
This year, most Asian SMEs will tighten their cash management flow with strict credit control and collection plans or reduce costs such as rent and utilities. Another route is to diversify and explore new revenue lines. These are just some of the contingency plans SMEs across the Asia Pacific region are implementing to sustain their businesses and fight the effects of a global economic recession.
With the economic challenges ahead, business prospects are expected to be worse this year compared to last year. About 65 percent of SMEs expect the economy to decline in 2009 compared to just 2 percent in 2008. Also, SMEs expecting growth this year dipped to 15 percent from 60 percent in 2008.
Under the current global economic slowdown, the biggest growth opportunities offered are in moving to higher value-added products and services, exploring new markets and strengthening the workforce with good talent.
Information Technology, Agriculture, Forestry and Fishing and the Healthcare and Pharmaceutical industries present the most growth opportunities in 2009.
An increased proportion of SME leaders in Asia Pacific are encountering problems in financing their business. Common problems raised were:
Despite the crisis, 63 percent said that they will keep their workforce and about 20 percent even intend to increase staffing.
When asked how they will change their supply chain practices in the current economic conditions, about 40 percent of the SMEs said that they will simply focus on reducing transportation and distribution costs.
Certainly, SMEs are looking for innovative ways to improve efficiency, reduce costs and improve customer service. UPS is ready to help businesses review their supply chain processes and develop relevant supply chain strategies to reduce costs and increase efficiency.
Since its launch in 2005, the UPS ABM has been conducted annually to deliver the latest insights on the changing business needs of the largest business community in the region, the SMEs. As discussed at the third APEC Business Advisory Council Meeting in August 2008, SMEs make up 95 percent of all businesses in the Asia-Pacific region and employ 80 percent of the workforce. This year, the UPS ABM 2009 surveyed 1,200 company owners, proprietors, CEOs, Managing Directors and other top management employees across 12 markets.
A complimentary service by www.iadvisory.com.sg
Name: Paul Chee
Company: UPS
Expertise: Import/Export
Market: Asia Pacific, Europe
Hear Singapore's perspective
in the 2009 UPS Asia Business Monitor survey.
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