Partnering for growth
In a challenging 2024, Enterprise Singapore actively partnered businesses across sectors to navigate the complex global landscape and foster continued growth.
We empowered 11,500 Singapore enterprises to grow their revenue and enhance global competitiveness. Of these, 2,300 companies embarked on transformative projects with our support, which are expected to boost their annual revenue by S$14.5 billion and create 12,300 skilled jobs for the economy.
These 2,300 companies projected stronger business impact, with an increase in annual revenue in 2024 (S$8.6 million per company) compared to 2023 (S$5.7 million per company).
Find out how.
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Improving productivity for greater cost efficiency
- Supported companies to automate and optimise operations to achieve cost savings.
- On average, our efforts helped them achieve projected cost savings of approximately S$230,000 per enterprise in 2024, when projects are fully implemented.
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Capturing growth through internationalisation and innovation
- Companies that pursued internationalisation saw a projected growth in annual revenue (S$8.8 million per company) last year, compared to 2023 (S$7.7 million per company).
- Those that embarked on projects to develop new product and service offerings saw a boost in projected increase in annual revenue (S$10.2 million per company); almost double that of 2023 (S$5.2 million).
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Amplifying our support through key partners
- Continued to work with industry partners to reach out to more enterprises, such as trade associations and chambers (TACs) and SME Centres. These included efforts to strengthen the TACs’ capabilities for more effective assistance to SMEs.
Our priorities for 2025
Despite global uncertainties, we remain committed to empowering enterprises. We will implement differentiated strategies to support enterprises at all stages of their growth journey, enabling them to adapt, innovate, and thrive.
Here are five key areas.
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Nurturing high-growth companies into global leaders
- Our flagship Scale-Up programme is one key initiative to gear high-growth companies to scale. More than 100 companies from areas such as healthcare and biomedical, marine offshore and trade have been onboarded onto the programme.
- The first five cohorts saw a combined S$2 billion or 36% increase in revenue three years after joining Scale-Up. They also generated more than S$600 million in value-add and created close to 800 jobs.
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Fostering collaboration between local SMEs and large corporates
- Facilitating collaborations that will enable local SMEs to develop new products and services, enhance their capabilities and enter new markets, while supporting the growth of MNCs and large local enterprises.
- This allows us to strengthen Singapore’s business ecosystem and build a robust pool of Singapore companies to attract and retain more investments, both domestically and overseas.
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Building new bridges for nascent sectors
- Cultivating growth within precision medicine, offshore wind, and climate tech – areas of global importance where Singapore companies can deliver innovative solutions.
- This includes actively building new overseas connections and facilitating projects to help Singapore companies capture more opportunities in these areas.
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Driving placemaking activities in the heartlands
- Encouraging our heartland enterprises to innovate and develop capabilities.
- This will support efforts to bring vibrancy and drive footfall to our local precincts.
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Improving the experience for SMEs
- Setting up the SME Pro-Enterprise Office to help SMEs better navigate government regulations and reduce compliance burden.
- Strengthening the service and offerings of SME Centres to provide personalised guidance for SMEs.
- Developing a new digital platform to provide programmes, contacts, tools and resources tailored for each enterprise.
Additional resources
- Read the media release
- View the infographic
- Read the speech by Enterprise Singapore Chairman Lee Chuan Teck
- Check out our 2023 Year-in-Review
Annual Media Briefing
