Enterprise Singapore’s initiatives boost capabilities and international expansion despite global economic challenges
In 2023, Enterprise Singapore (EnterpriseSG) successfully supported around 3,000 Singapore-based companies in improving their productivity, innovation, and internationalisation efforts. The initiatives are expected to increase the firms’ total annual revenue by S$16.4 billion and create 21,500 skilled jobs. The statutory board’s chief executive, Lee Chuan Teck, expressed hopes of reaching pre-pandemic revenue levels soon.
EnterpriseSG’s focus has expanded from providing value-added support to sharing projected revenue figures, responding to feedback that top-line metrics are more relevant. Despite the global economic downturn, the board continued to assist firms with international market expansion, with 460 overseas projects raising projected revenue by S$5.2 billion.
The agency also helped companies in innovation and productivity, with efforts expected to generate S$1 billion and S$10.2 billion in revenue, respectively. These initiatives have already met pre-COVID revenue levels. In terms of global expansion, China and Southeast Asia remained top targets, but markets like India, the Middle East, and Africa also offered significant opportunities, particularly in manufacturing.
Looking ahead, EnterpriseSG plans to continue its support for businesses, focusing on innovation, productivity, and internationalisation. They also aim to foster stronger ties between SMEs and larger companies in Singapore and drive growth through expanded collaborations.
