This is the second of 2 parts, the first was in the previous blog post. My company QRA INTERNATIONAL has been around for 22 years and we started with the intent of supplying top quality equipment from a world renowned brand based in Europe to customers based in South East Asia.
This was when the concept of western brands were considered superior to the Asian brands (read Japan China and South Korea). However around 2011, we were unceremoniously disengaged from representing this brand and I took the crucial decision to do 3 things over the span of less than 10 years.
a) Look East
We sought and signed up agencies with Chinese and S Korean brands
b) Provide bureau services
We own 2 test laboratories that continue to do well. We focus and grow into new and more exciting industries for the next 20 - 30 years. I cannot specify which industries, but we are already 10 years ahead of the competitors.
The traditional businesses of general electronics, semiconductors, industrial combustion engine automotive manufacturing are all struggling. Some examples such as Delphi, Continental UTAC and Micron have downsized and moved out a substantive part of their business.
We also provide technical services to many MNCs on a regular basis, this is one of our mainstays why we continue to be around to serve our clients in as many as 10 different industries.
c) Focus on Long Term Industries of the Future.
Again as I stated above, the exciting industries are already here in Singapore and the region.It doesn't take a rocket scientist to find out what will be around for the next 20 - 30 years. Just look at the mega trends which will not change.
> People are living longer and healthier now for up to 3 decades than when the life expectancy was first used as a metric of quality of life for countries (it was around 70 in the 1970s for Singapore). Hence, the below 4 industries will continue their onward march and growth exponentially as researchers seek cures for life threatening cancer, diabetes, heart disease and stroke. The less dangerous but no less quality life reducing diseases of diabetes, back pain and gum disease leading to dementia are actively being researched and cures or treatments found every other week globally.
Singapore remains an attractive place due to its strong position of patents applications, ease of incorporation of new licenses, access to startup banking especially in the areas of compliance, sustainability and the circular economy. We as a country are AI ready, though setbacks occur ever so often.
While Singapore is expensive as a country to operate manufacturing of the established products like smartphones, LED TVs, etc etc,her strengths lie primarily in the following areas :
> strong IP marketplace
> sustainability practices
> research and innovation
> low corporate taxes
> AI and robotic innovation
> testing and validation
The old industries are facing major structural challenges globally and from the US using tariffs to arm twist and bully former trading partners. Its a very turbulent and non recoverable situation. The best way forward for us is to remain nimble, dominate the small niches we are already in and grow internationally through the smart use of social media and the apps.
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