Enterprise Singapore (EnterpriseSG), a government agency under the Ministry of Trade and Industry that helps small and medium enterprises (SMEs) grow, innovate and internationalize, saw a 25% increase in Singaporean enterprises that expanded overseas through its support programs. Existing programs under EnterpriseSG such as Scale-Up and the Singapore Global Executive Program (SGEP) aim to connect SMEs with public and private firms to scale rapidly and develop a strong workforce of young Singaporeans. The top 5 industries that engaged in innovation and internationalization were manufacturing, wholesale trade, food services, professional services, and retail, with the key areas of transformation in automation, brand & marketing, digitalization, and process & workflow redesign. The top 5 markets for international expansion were China, Vietnam, Malaysia, Indonesia, and the United States.
While Southeast Asia remained the top destination for expanding Singaporean enterprises, the organization saw more companies heading to the Middle East, Africa, US, Latin America, and Europe, representing new priorities and opportunities in these markets. For 2023, EnterpriseSG will focus on four strategies: intensifying internationalization efforts, accelerating innovation, acquiring sustainability capabilities, and growing the next generation of Singapore Global Enterprises. New centers for innovation will focus on the beauty and personal care, built environment, and urban agriculture verticals. Furthermore, EnterpriseSG committed to grow promising Singapore companies under the Enterprise 2030 strategy as well as strengthen the Republic’s position as a leading global trading hub through the Trade 2030 strategy.
