In order to be successful in tapping opportunities in China, Singaporean companies should have a long-term view for doing businesses in China, the Trade Development Board (TDB) of Singapore advised the local companies Thursday.

China's winning of the bid to host the Olympics 2008 spells immense business opportunities as huge amounts of investments into sports facilities, accommodation and tourist infrastructure, communication systems, airport and highway construction would be needed for Beijing and other cities involved and there would also be opportunities for merchandising, advertising, training and other services, TDB said at a seminar.

Better understanding of China

Talking about bureaucracy and red-tape, lack of understanding of the Chinese way of doing business, lack of human and financial resources and enthusiasm of Singaporean companies, the TDB asked the companies to find a suitable niche area of expertise and understand thoroughly the business operating environment in China.

It also urged them to learn experience with other companies operating in China and cooperate with foreign partners.

Tense competitions

While meeting with media, Network China Chairman Ng Ser Miang said that many companies have indicated their interest in Olympics-related projects and have embarked follow-up actions to detail.

He also noted that competitions will be tense due to greater transparency. He suggested them to team-up with local and Singapore-based foreign companies to better enter into the market of China.

(People's Daily April 05, 2002)