The revival of the world economy in 2022 spurred some 2,000 enterprises in Singapore to go global. This is a 25% jump compared with 2021 and reflects businesses’ eagerness to expand their presence across markets, according to data from Enterprise Singapore (EnterpriseSG).
While Southeast Asia remained the top choice for companies to venture into, many also set foot into the US, Europe, Latin America, the Middle-East, and Africa to access opportunities from the growing middle-income class there, the trade agency detailed.
Enterprise Singapore is a statutory board under the Ministry of Trade and Industry of the Government of Singapore. It was established on April 1, 2018, to help small and medium enterprises grow, upgrade capabilities, innovate, and go global.
Meanwhile, productivity enhancement remained a key focus for enterprises in the city-state, with 17,200 of them taking on such initiatives to upgrade and transform their business. Specifically, 700 enterprises undertook innovation projects to develop new products and solutions to remain competitive in the challenging market.
Touching on the tech startup sector, EnterpriseSG noted that it had enabled 2,700 startups to gain access to funding, incubation, and mentorship through its Startup SG programmes and assistance from partners.
Road map for 2023
Going forward, EnterpriseSG is looking to support up to 1,500 Singapore enterprises over the next five years through three new centres of innovation focusing on built environment, beauty and personal care, and urban agriculture. These areas of focus were identified presumably due to growing consumer demand and technological advancement in these spaces.
These efforts are in line with the trade agency’s goal of growing the next generation of homegrown global enterprises.
“To achieve international success, companies must expand their global footprint, develop innovative products or services, and build stronger brand recognition. Such enterprises will contribute to the growth of Singapore’s economy,” the government agency explained, adding that support rendered through its programmes such as Scale-Up and the Singapore Global Executive Programme (SGEP) will be ramped up.
Scale-Up looks to aid high-growth local companies to scale rapidly in collaboration with public and private sector partners. Meanwhile, SGEP is a talent development programme aimed at helping companies build a strong pipeline of young Singaporean talent.
The agency is also looking to intensify enterprises’ internationalisation efforts. One way is to help them venture into the mainstay markets of Southeast Asia and China and get an early mover advantage in emerging markets such as Africa and Latin America.
It will also support enterprises consider markets such as the US and Europe for technology and innovation collaborations.
Other areas of focus for 2023 include helping enterprises build their sustainability capabilities as well as strengthening Singapore’s innovation and startup landscape. Key sectors of focus include agri-food, renewable energy, and sustainable packaging due to growing industry demand, EnterpriseSG detailed.