Singapore�s BarterXchange Has Ambitious Plans
According to
Dr. Lee Oi Kum, the Executive Chairman of BarterXchange Singapore,
they are well-positioned to become a major player and commercial
barter hub in Asia. �Singapore is the regional headquarters for a
number of international companies in addition to having a
well-developed freight and logistics system in place, so vital for
international commerce,� she explained.
Founded in
2003, the Asian exchange is ambitiously moving forward to attain
that position as a barter hub in Singapore. Dr. Lee wants to have
the International Reciprocal Trade Association (IRTA) presence
expanded in Asia too, suggesting the organization set-up a local
certifying body there.
IRTA�s
Executive Director Krista Vardabash and IRTA�s President Lois Dale
recently visited with Dr. Lee and spoke at the Global Entrepolis
Singapore (GES) 2006 Conference, earlier this month.
Vardabash said
the trip to Asia was both a unique and valuable one, �We don�t often
get the opportunity to speak directly to business owners (15,000
businesses from throughout Asia attended GES) since our member
exchanges have the primary contact with them...so this opportunity
to educate a wide audience was really special.�
Dr. Lee felt
the significance as well, �Having IRTA�s Executive Director and
President to present the history and successes of barter exchanges
in North America really got our business community thinking about
this opportunity in a different way. They�re beginning to recognize
commercial barter as the smart business practice it is, and are
starting to understand that many other businesses use this strategy
to succeed.�
Lois Dale,
sees great possibilities for the exchange industry in Asia. �It
makes sense for the future exchange community to know that IRTA is
here to promote best practices and credentials, as well as providing
a place for exchange owners to meet and learn from one another.�
Dr. Lee has
hired Ian Jones, a founding partner of �My Business Mates,� to train
her barter brokers. Their responsibilities will be to facilitate the
transactions among her members, as well as educate and explain the
concept to the Singapore business community of small and medium
business enterprises (SMEs).
Also on the
drawing board are seminars heralding the benefits of barter for the
business community. To facilitate that, a close working relationship
with the Singapore Chinese Chamber of Commerce, as well as the
Singapore Manufacturing Association, has been underway for some
time.
IRTA�s effort
at GES was another step in the right direction....further expanding
the awareness and understanding of the commercial barter industry
globally.
In today�s
borderless world, a company that has a barter component available
and ready to use (to close a business deal) has a competitive edge
in the marketplace. Having one�s company be a part of a barter
exchange hub in Asia will provide a company with the means to expand
its network of global contacts as well.
For more
information on BarterXchange go to
http://www.barterxchange.com; for IRTA, see
www.irta.com.
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