MR No.: 003/24

While 2023 marked the first full year of global re-opening post COVID-19, the global business environment remained challenging as a manufacturing contraction, higher interest rates and rising business costs weighed on Singapore companies’ profits. Nevertheless, Enterprise Singapore (EnterpriseSG) was able to help some 18,000 Singapore enterprises in 2023 to grow revenue and strengthen their cost competitiveness, which in turn, created and preserved jobs for Singaporeans. Of these, 3,000 companies have embarked on new transformative projects with EnterpriseSG in 2023, which are expected to boost their annual revenue by S$16.4 billion and create 21,500 skilled jobs.

In addition, EnterpriseSG also worked with some 15,000 companies on basic capability building and market exploration projects. Most of them (over 85%) adopted digital solutions like inventory and accounting, sales, warehousing and HR management systems, and enhanced their operational efficiency through automation, while others embarked on activities to explore new market opportunities such as participating in overseas trade fairs.

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