Page 10 - BM2223 eBOOK 26Aug22-v2

TIMES BUSINESS DIRECTORY OF SINGAPORE 2022/2023
Building a vibrant
ecosystem of Singapore
enterprises
The Enterprise 2030 strategy is Singapore’s response to ensure that the nation can build and sustain a vibrant ecosystem of Singapore enterprises that are future-ready and possess deep capabilities to compete globally.
According to Second Minister for Trade and Industry Dr Tan See Leng, the strategy will support the growth of high potential companies and strengthen core capabilities of local enterprises in industry transformation.
A “new generation of local champions” has emerged in the last few years, with 22 Singaporean startups reaching unicorn status. Companies like Secretlab, Hegen and Nanofilm have made a name for themselves internationally.
The government announced a host of initiatives to enhance its support for high potential companies in four ways: developing
global-ready executives; creating new corporate ventures; facilitating Mergers & Acquisitions; and creating enhanced access to financing.
“The last two years of COVID-19 have been challenging for our local enterprises, including those that have the ambition to grow to become global champions. As we emerge from COVID-19, EnterpriseSG is focused on supporting these high potential enterprises to resume their growth trajectories,” Mr Peter Ong, Chairman of EnterpriseSG was quoted as saying in the media release .
“We will intensify our efforts to identify and partner more of such companies through Scale-up SG to build the next generation of Singapore Global Enterprises, so as to continue to grow our economy and create good jobs for our people.”
To strengthen the core capabilities of Singapore’s local enterprises, efforts will be stepped up in key areas on Capabilities Development, Internationalisation, Digitalisation, and Innovation.
Enlarging
manufacturing sector
by 50 percent
The vision for Manufacturing 2030 is for Singapore to become a global business innovation and talent hub for advanced manufacturing.
Manufacturing 2030 was launched with the aim of growing the sector by 50 percent in 10 years and maintaining its share of about 20 percent of gross domestic product (GDP).
In 2021, the sector grew significantly by 13.2 percent, and received $8.5 billion in total Fixed Asset Investment. Over 6,000 jobs will be created when these projects are completed.
MOS Alvin Tan at the SSIA Semiconductor Business Connect 2022 reported that Singaporeaccountsfor11percentoftheglobal semiconductor market, and 20 percent of global semiconductor equipment is manufactured in Singapore.
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