Singapore's Trade and Industry Minister Lim Hng Kiang yesterday encouraged local firms to take advantage of the global economic gloom to sharpen their competitiveness.

He made this call at the Singapore International 100 Ranking ceremony which commended 100 companies for their exceptional performance overseas.

Local firms should expand their global footprint in the emerging economies during the downturn, and prepare themselves to become even more competitive when the economic recovery comes, he said.

"Despite the pervasive gloom in the global economy, Singapore remains well-positioned to weather the current challenges and emerge stronger than before," he said.

He called on local companies to uncover pockets of opportunity in the midst of crisis.

He advised them three growth strategies in the current economic climate: market diversification, mergers and acquisitions, and banding together to venture overseas.

He said Asia will remain a bright spot. He also encouraged Singapore companies to look to places such as Latin America and the Middle East.

The total overseas revenue of the top 100 companies amounted to173 billion Singapore dollars (US$118 billion), a robust20.4 percent growth from the previous year.