EnterpriseSG Reports Record Overseas Growth
The number of Singaporean firms expanding abroad with Enterprise Singapore’s (EnterpriseSG) support surged in 2022, with around half venturing overseas for the first time. Approximately 2,000 companies took this step—a 25% increase compared to the previous two years when global travel was heavily restricted by the pandemic. However, this figure remains below the 2019 pre-Covid peak of 2,600 firms.
EnterpriseSG CEO Png Cheong Boon highlighted that nearly 80% of these firms were engaging in new markets for the first time in three years. Many utilised the Market Readiness Assistance grant. While South-East Asia remained the primary target, there was a notable rise in companies entering regions such as the Middle East, Africa, the US, Latin America, and Europe.
Png noted that businesses unfamiliar with China seized opportunities in alternative markets, while some firms already operating in China chose to explore new territories. Despite this shift, China continues to be a critical market for numerous Singaporean businesses.
EnterpriseSG facilitated new opportunities for 450 firms, with 36% operating in China despite stringent Covid-19 measures. These ventures are projected to generate S$3.5 billion in overseas sales and S$1.4 billion in foreign investments.
In total, EnterpriseSG supported 18,100 Singaporean companies in 2022, enabling them to enhance productivity, innovation, and globalisation. These efforts are expected to contribute S$17.8 billion in value-add to the economy and create 23,800 skilled jobs, aligning with 2021’s performance.
However, enterprises engaging in productivity and transformation projects dropped to 17,200 in 2022 from 21,900 the previous year. This decline follows a pandemic-driven surge, as businesses rushed to adopt digitalisation to navigate the low-contact economy.
EnterpriseSG Chairman Peter Ong explained that, with most companies already digitalised, there was a natural decrease in such projects. Meanwhile, internationalisation initiatives rebounded with the reopening of borders.
Last year, EnterpriseSG’s SME Centres, run by trade associations and chambers, supported over 25,000 small and medium enterprises (SMEs) through advisory services, workshops, and capability-building initiatives. Additionally, 700 firms embarked on innovation projects to develop new products and solutions.
EnterpriseSG also enabled 2,700 tech startups to access funding, mentorship, and incubation via its Startup SG programmes. The Global Innovation Alliance programme expanded to Seoul and Abu Dhabi, bringing the total network to 17 cities, offering startups and SMEs access to market acceleration.
Looking ahead, EnterpriseSG launched the Enterprise 2030 and Trade 2030 strategies to drive growth and innovation. Key initiatives include Scale-Up SG, which now supports 80 companies, and the Enterprise Leadership for Transformation (ELT) programme, which has trained 400 business leaders since 2020.
For 2023, EnterpriseSG plans to focus on four priorities: intensifying internationalisation, accelerating innovation, building sustainability capabilities, and fostering Singapore Global Enterprises. Ong emphasised the importance of green credentials for businesses linked to multinational corporations (MNCs), citing this as both a challenge and an opportunity.
Sustainability efforts will involve sector-specific playbooks, courses, and initiatives tailored to industry needs. Logistics has been identified as a critical area for developing sustainability strategies, with the aim of creating interconnected, emission-conscious value chains. EnterpriseSG intends to roll out these sectoral sustainability playbooks throughout the year.
