- The Government takes a holistic approach towards economic planning and development, and fosters close collaboration among the Government agencies and partners to implement our economic strategies effectively and create good jobs for Singaporeans.
- Over the years, our economic agencies have developed deep knowledge, specialised capabilities and networks, which allow them to support our enterprises in their respective areas. For instance, the Economic Development Board (EDB) focuses on bringing in investments and strengthening Singapore as a global hub for business, while SPRING Singapore and International Enterprise (IE) Singapore are the key agencies supporting our local enterprises. Specifically, IE focuses on growing trade and overseas investments by helping Singapore-based enterprises export and internationalise, while SPRING focuses on building the capabilities of start-ups and small and medium enterprises (SMEs).
- At the same time, the various Government agencies work closely together to meet the needs of our enterprises. For instance, while lead agencies have been appointed for each of the 23 Industry Transformation Maps (ITMs), the ITMs have been an important platform to bring together Government agencies and non-Government stakeholders such as Trade Associations and Chambers, Institutes of Higher Learning and training providers, to deliver integrated planning and implementation efforts to address the specific needs of each industry.
- The Government regularly adapts our programmes to better tailor to companies’ changing requirements. When necessary, we are also prepared to restructure in order to better serve Singaporeans and our enterprises as the economic environment and business needs evolve. As highlighted by the Committee on the Future Economy (CFE), Singapore’s next phase of growth will require stronger Singapore companies that are more innovative, nimble, and better connected to global markets. The capacity to innovate, harness new technologies, scale up and internationalise are increasingly intertwined for all companies regardless of size or stage of development.
- Hence, to better support our companies in this dynamic economic environment, we recently announced the merger of SPRING and IE to form a new government agency, Enterprise Singapore. Enterprise Singapore will build on the strengths of both agencies and integrate its knowledge of industries with its network of local and overseas partners, to comprehensively support our local enterprises in their efforts to innovate and internationalise.
- Enterprise Singapore and EDB will form two critical and complementary government agencies that will help formulate and implement strategies for the development of industry clusters and enterprises in Singapore. Both will work closely together to drive more collaboration between multinational corporations, innovative start-ups, as well as enterprises of all sizes, to reinforce each other’s strengths, enhance the competitiveness of our industries, and develop Singapore into a global trading hub.