International Enterprise (IE) Singapore and SPRING Singapore, statutory boards of the Singapore government that operate as business development agencies, are merging to form Enterprise Singapore. The new organisation will aid Singaporean businesses to grow and internationalise.
The merger will occur in the second quarter of 2018 and will integrate the resources and capabilities of IE Singapore and SPRING. The move is seen to better address the needs of Singaporean enterprises and strengthen their competitive edge. The combined entity will possess about 900 staff but will continue in their separate office locations due to existing leases.
Singapore’s Minister for Trade and Industry, S. Iswaran, highlights: “SPRING and IE have developed strong networks and deep capabilities in their respective functions. IE has offices in over 35 cities, and in the first half of 2017 alone, helped more than 24,000 enterprises with overseas expansion. Over the same period, SPRING has helped to build capabilities in SMEs through projects that are expected to generate $4 billion in value-add.”
“Both agencies are doing good work and their efforts have had a material impact. One measure is productivity, which grew by 1% in 2016, and even more strongly in the first half of this year, at 2.8%.”
SPRING helps startup ventures and SMEs with financing, capability and management development, technology while IE Singapore promotes international trade and the internationalisation of Singaporean firms.
With the city-state entering a new phase of economic development and higher domestic constraints, external demand will become even more important for the growth of the city-state’s businesses, particularly as they grapple with shorter technology cycles, business model disruptions and a need for greater agility in adapting to social and economic shifts.
Enterprise Singapore will leverage upon its knowledge of industries and a large global network of local and overseas partners to support the growth of Enterprises with Singaporean roots
Png Cheong Boon, the second permanent secretary for the Ministry of Trade and Industry, will be concurrently appointed as the chief executive officer (designate) of Enterprise Singapore. Png has previously served as the chief executive of Jurong Town Corporation and SPRING Singapore.