Singapore's direct investment outflows rose 9.7 per cent to S$31.7 billion last year as domestic companies continued to expand overseas despite volatile economic conditions, according to data from the International Enterprise (IE) Singapore.

More than 34,400 companies, including many small- and medium-sized enterprises, had approached IE Singapore for help in understanding overseas markets, connecting to the right business partners and developing capabilities, the agency said.

Under various schemes and programmes administered by IE Singapore, S$926 million of financing loans and S$60.2 million of grants were distributed to more than 5,500 companies.

As of end-2010, the cumulative direct investment abroad reached S$393.3 billion, up 8.9 per cent over 2009.

The cumulative direct investment abroad accounted for 127 per cent of gross domestic product in 2010, compared with 60 per cent of GDP in 2000.