Media Releases
14 Mar 2019 Updated 05 Jul 2019

Enterprise Singapore supported 7000 capability upgrading projects and facilitated 570 overseas projects in 2018

MR No.: 008/19
Singapore, Thursday, 14 March 2019

1. In 2018, Enterprise Singapore supported 7,000 projects from capability and productivity upgrading to helping enterprises access new markets. These projects are estimated to generate S$10.2 billion in value-add and 10,500 skilled jobs.

2. Over 570 overseas projects were facilitated which are expected to bring about S$11.1 billion of overseas sales and S$6.1 billion of overseas investments, an increase of 25% from the year before. Singapore enterprises’ top destination markets were China and Southeast Asia, accounting for 50% of the overseas projects.

3. More than 1,000 startups were assisted through Startup SG programmes and partners. Under Startup SG Equity, we co-invested close to S$36.5 million in 52 startups, catalysing about S$118 million in private investments. To help startups connect to innovation nodes globally, the Global Innovation Alliance network has been expanded to five new cities (Berlin, Munich, Paris, Tokyo & Suzhou) making it a total of nine cities today. This helps to further strengthen Singapore’s position as a global startup and innovation hub.

4. In all, Enterprise Singapore assisted 76,000 Singapore enterprises  across different stages of growth and in various business capability areas. This is good progress despite 2018 being a challenging year with volatile external environment and post-merger transition for Enterprise Singapore.

5. At the enterprise-level, Enterprise Singapore,

a. Simplified and streamlined the suite of business assistance into three broad categories to improve accessibility:

  • Productivity Solutions Grant1  – supports micro and small enterprises as well as first-time upgraders through a single grant that provides access to a wider range of pre-scoped productivity solutions such as equipment and technology solutions, for different sectors;
  • Market Readiness Assistance Grant – helps enterprises develop market knowledge and capabilities needed to expand or enter a new market for the first time;
  • Enterprise Development Grant – combines the Capability Development Grant and Global Company Partnership programme into a single scheme to assist enterprises that have more comprehensive upgrading, innovation and internationalisation plans.

b. Continue to build on our resources to help companies grow and globalise:

  • Set up the 36th Enterprise Singapore’s overseas centre in Nairobi, Kenya to better support entry into the fast-growing East African market and boost two-way trade and investment flows.
  • Added 8 new partners into our Plug & Play Network and in 2 new countries (UAE, Cambodia).

 

6. Enterprise Singapore collaborated with partners to support capability upgrading in SMEs:

a. Opened new SME Centre@Little India, making it our 13th SME Centre across the island.

b. Supported more than 20 Group-based Upgrading projects, involving over 350 enterprises led by SME Centres and Trade Associations to solve common business needs and challenges.

7. Startups play an important role in injecting vibrancy into the economy and providing good jobs, and new business opportunities. To create a conducive ecosystem for startups to thrive, Enterprise Singapore:

a. Launched Startup SG Network with 2,800 startups and over 200 multipliers.

b. Tripled startup participation for Slingshot@SWITCH with over 1,300 applications from 88 countries.


Business Outlook for 2019

8. Enterprise Singapore’s good achievements in 2018 was due to the solid foundation and network laid down by its predecessors – SPRING Singapore and IE Singapore – as well as the strong partnership from the Trade Associations and Chambers, overseas networks and other government agencies. Singapore enterprises have also been active in taking steps to improve their business capabilities and venturing into new markets.

 

 

1Since April 2018, over 3,000 applications have been supported.

ANNEX: Enterprise Singapore's Year In Review 2018 Presentation Deck

For media enquiries and/or photos, please contact:

Ms Cassandra WONG  
DID: +65 6433 4618
E: cassandra_wong@enterprisesg.gov.sg

 


 

 

 

About Enterprise Singapore

Enterprise Singapore, formerly International Enterprise Singapore and SPRING Singapore, is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise.

We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards. Visit www.enterprisesg.gov.sg for more information.