May 20, 2020

Four reasons why Asian companies use Singapore to expand

Frederick Chin
UOB’s head of Group Wholesale Banking
Singapore Business
Singapore expansion
2 min
Four reasons why Asian companies use Singapore to expand

Singapore has been named as the top destination for Asian businesses looking to expand for the second year running, according to a survey from UOB.

2,500 companies from across China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand were questioned to make up the data for the survey. These nations constitute some of Asia’s biggest economies.

1. Leading the pack

32 percent of Asian businesses surveyed chose Singapore as their expansion market of choice in the next three to five years. In second place was Japan with 29 percent, followed by Vietnam with 28 per cent, and Thailand and South Korea with 26 percent. China came in at 22 percent.

2. Supportive climate

Singapore is known across the world for its stable political and economic climate, as well as its favourable tax and regulatory environment. These were all reasons stated by companies wanting to expand there.

The World Economic Forum’s Global Competitiveness Report, 2015-2016 named Singapore as the world’s second most competitive country; The World Bank named it as the world’s easiest place to do business in 2015; and that same year INSEAD’S Global Innovation Index named it as Asia’s most innovative economy.

3. Investments

To enhance their competitive capabilities, Singapore-based enterprises in the survey said they were investing in information technology (44 percent), employee training (33 percent) as well as research and product innovation (32 percent).

4.Growing technology hub

Frederick Chin, UOB’s head of Group Wholesale Banking, said: "As Singapore strives to become a global hub for research and innovation, it is attracting more companies from high-value industries, such as information technology and telecommunications sectors, as well as the professional services sector. By collaborating with these companies.

“Singaporean enterprises will also build on their capabilities and develop new skills to transition to a high value-added, innovation-driven economy."

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SOURCE: [Channel News Asia]

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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