International Enterprise (IE) Singapore on Monday launched an online business matching and trading portal to help local small and medium enterprises (SMEs) to reach out to potential overseas customers and industries.

According to a Channel NewsAsia report, the new online initiative, called BuySingapore, aims to become Singapore's most comprehensive online business matching and trading platform and looks to aid 100,000 local SMEs to showcase their products and services.

An estimated 10 million Singapore dollars (about 6.4 million U. S. dollars) will be invested in the initiative, by IE Singapore and local IT provider Abecha, over the next five years, the report said.

Local companies can create company profiles, trade leads and product catalogues online. The portal then matches them to interested overseas buyers and suppliers.

IE Singapore aims to attract over 30,000 foreign trade leads every year, to be disseminated to local enterprises through the BuySingapore portal.

Source: Xinhua