SINGAPORE, Jan. 11 (Xinhua) -- Singapore Business Federation (SBF) announced on Thursday in a survey report that the city-state had a significant improvement in business sentiment last year.
According to SBF's latest National Business Survey 2017/2018, about 36 percent businesses in Singapore are satisfied with the current business climate, whilst 68 percent of companies responded that business conditions have either improved or remained the same over the past 12 months, with the outlook for the next 12 months looking better.
The annual survey, which marks its milestone 10th edition in 2017, drew more than 1,000 responses from companies across all major industries.
The survey report says 68 percent respondents identified revenue growth as their top priority, ranking the first among all options. It was followed by cost cutting, which was chosen by 44 percent respondents.
In terms of the key challenges that businesses are facing, 72 percent respondents identified hiring people with the right skills and attitude as the top challenge, which was followed by the cost of operations (excluding labour costs), chosen by 58 percent respondents.
The survey report also says that 83 percent Singapore companies currently are engaged in overseas business activities, comparing to 56 percent in 2016.
ASEAN, or the Association of Southeast Asian Nations, is the key focus region for Singapore companies. There are 71 percent respondents operating businesses in at least one ASEAN country.
Besides, 50 percent respondents are also keen to expand further into ASEAN, especially those that are already doing business in the region.
