Economic Promotion Agencies' Roles as to Industry Sector and Size of Company Supported

41 Mr Leon Perera asked the Minister for Trade and Industry (Industry) how do the various economic promotion agencies, such as EDB, IES, SPRING, STB demarcate their roles with respect to industry sector and the size of the company being supported.

Mr S Iswaran: 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 the Standards, Productivity and Innovation Board (SPRING) Singapore and International Enterprise (IE) Singapore are the key agencies supporting our local enterprises. Specifically, IE Singapore focuses on growing trade and overseas investments by helping Singapore-based enterprises export and internationalise, while SPRING Singapore focuses on building the capabilities of startups and small and medium enterprises.

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, 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 Singapore and IE Singapore 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 startups, as well as enterprises of all sizes, to reinforce one another's strengths, enhance the competitiveness of our industries, and develop Singapore into a global trading hub.