This extract is reproduced with permission:
Mr Kuok [chairman and chief executive officer of Wilmar International] attributes the group’s success to identifying a business with good potential and where Wilmar had the necessary skills. Another important factor is that the group has a clear long-term vision for what it plans to do.
Wilmar developed new businesses that had synergies with existing businesses where resources and expertise such as trading, manufacturing, marketing and distribution facilities can be shared.
Mr Kuok added that what contributed to Wilmar’s success was a willingness to venture into new and promising markets early so as to gain a first-mover advantage.
He suggested that companies must seek like-minded partners for collaborations and leverage on each other’s strengths.
On the human resources front, the group makes sure to employ the best talent and dedicate the resources to groom them.
He said that in its overseas operations, Wilmar makes it a point to hire good local staff who have a deeper understanding of the business environment and work culture.
Read more from Enterprise Singapore’s Success Stories.
Credit: Enterprise Singapore and Singapore Press Holdings (first published on The Straits Times)