Question:
Mr Liang Eng
Hwa, Member of Parliament, Holland-Bukit Timah GRC: To ask the
Minister for Trade and Industry (Industry) how can the various economic
promotion agencies work closer together to support companies to grow and meet
the challenges in this rapidly changing economic environment.
Answer:
- Thank you Mr Speaker. Over
the years, SPRING Singapore and International Enterprise (IE) Singapore have been
the key economic agencies supporting Singapore companies’ efforts to build up
their capabilities and expand into international markets. Both agencies also work closely with other
government agencies, such as the Economic Development Board (EDB), Info-communications
Media Development Authority (IMDA) and Workforce Singapore (WSG). This is to
ensure that they meet companies’ specific needs. In addition, we have 23 Industry
Transformation Maps (ITMs) which bring together Government agencies and
non-Government stakeholders such as Trade Associations and Chambers, Institutes
of Higher Learning and training providers, to deliver a more integrated
planning and implementation efforts to address the specific needs of each
industry vertical.
- But as we have all acknowledged, the economic environment is
changing quite rapidly because of global digital connectivity,
technological shifts and new business models.
Coupled with our tighter domestic constraints, external demand will be
an even more important driver of growth. Our companies must be able to
respond nimbly to geo-political and economic shifts, shorter technology cycles,
and business model disruptions to tap on these opportunities. The Committee on the Future Economy (CFE) has emphasised this and also the capacity to innovate, harness
new technologies, scale up and internationalise, which are increasingly
intertwined for all companies. Hence, we
have urged our companies and industries to transform themselves. This is a message that must equally apply to
the Government agencies so that they adapt their programmes and, when
necessary, restructure to better serve Singaporeans and our enterprises.
- Last week, I announced the
merger of SPRING and IE to form a new government agency, Enterprise Singapore, which
aims to better meet the needs of companies in this dynamic economic
environment. We will be able to do more for
the companies and also with the enterprises by leveraging on the combined
resources and levers of both SPRING and IE. In arriving at this decision, we have also studied
the feedback from various parties, including our Trade Associations and
Chambers, as well as Members of Parliament, past and present, for a
consolidated government agency to champion the growth and development of SMEs.
- Enterprise Singapore will integrate
its knowledge of industries and its network of local and overseas partners, to
support our enterprises, regardless of their size or stage of growth. Through Enterprise Singapore, start-ups will benefit not only from the capability development
support that SPRING currently provides, but also be plugged into IE’s
international networks. SMEs will
receive assistance to build their capabilities and seize
opportunities in overseas markets, to take their growth to the next level. Large local enterprises can work with Enterprise Singapore to strengthen
collaboration within their industry clusters and enhance the capabilities of
the SMEs that support them.
- In addition, Enterprise Singapore
will deepen its partnerships with industry stakeholders, in particular Trade
Associations and Chamber, educational institutions and unions, to build strong
local enterprises and create exciting new jobs for Singaporeans. 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. Enterprise
Singapore will also work closely with EDB to drive collaboration between
multinational corporations, innovative start-ups, and enterprises of all sizes.
- We believe that Enterprise Singapore will be
well-positioned to build globally competitive local enterprises with deep
capabilities, and the ability to create good jobs for Singaporeans. We look forward to working closely with all
stakeholders to fulfil this mission.