Singapore firms eye Central Asia’s rising consumer market for growth

Central Asia, a region recognized for its landlocked nations, will not be the obvious choice for Singaporean companies trying to broaden their horizons. However, Enterprise Singapore (EnterpriseSG) believes that the area’s rising shopper market and younger population can offer early-mover benefits for firms, particularly in sectors such as urban infrastructure, technology, and progressive shopper products.
Despite Up-sell and ample resources, it might nonetheless take some effort to steer Singaporean firms seeking abroad diversification to explore the area. Clarence Hoe, govt director for Americas and Europe at EnterpriseSG, defined that many Singaporean corporations would naturally think about nations in close by areas first, as these are extra familiar and are also experiencing progress, notably in South Asia.
EnterpriseSG’s role is to determine new, rising areas and share them with companies, serving to to provide new markets for development and diversification. Kazakhstan, considered one of Central Asia’s largest economies, is Singapore’s largest buying and selling companion in the region, with over 30 Singaporean firms operating within the country and more than 20 in neighbouring Uzbekistan.
To assist more native firms expand and enhance their provide chain resilience, EnterpriseSG is organising seminars and commerce missions for Singaporean companies to connect and collaborate with Central Asian companions. Some companies that have already expanded into the area, similar to Singapore-listed meals manufacturing and distribution firm Food Empire, have seen their efforts repay.
Having identified a chance almost three decades ago, Food Empire’s espresso merchandise are now available in shops and supermarkets across Kazakhstan. Anil Bhuwania, business head of Central Asia at Food Empire, mentioned their business has been growing year on year, with their market share for espresso mixes rising from 67% to 73% within the last 4 years. The company is now looking to introduce tea products, significantly tea with milk.

However, logistics and transportation stay a problem, as Bhuwania explained that they should find various routes, either by way of China or Georgia, to transport goods into landlocked Kazakhstan..

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