Parliament: New national agency will cater to needs of all types of local firms: Iswaran

Trade and Industry Minister (Industry) S. Iswaran assured the House that Enterprise Singapore's programmes will support companies in all sectors. PHOTO: ST FILE

SINGAPORE - Enterprise Singapore (ESG), the agency that will be born in April from the union of International Enterprise Singapore and Spring Singapore, will cater to the wide spectrum of local companies as it supports them for future growth.

Whether big or small, traditional or new industries, their various needs will be catered to, said Trade and Industry Minister (Industry) S. Iswaran in Parliament on Monday (Feb 5).

What they need also hinges on their stage of growth and the oversea markets that they are eyeing, he added.

"This variation is accentuated by external growth opportunities, digitalisation and rapid technological changes, which have a differential impact across sectors," he noted in his reply to issues raised by 11 MPs during the debate on the Enterprise Singapore Board Bill, before it was passed by Parliament.

They include Mr Liang Eng Hwa (Holland-Bukit Timah GRC), non-constituency MP Leon Perera and Mr Saktiandi Supaat (Bishan-Toa Payoh GRC).

Mr Perera noted that some companies are not in a hurry to grow radically but may need more help in such areas as productivity, going global and succession planning.

On the other hand, some companies with the potential to be regional or global champions would need "more aggressive support", he said.

Their needs include human capital, financing or foreign direct investment, so they can locate parts of their global supply chain abroad while keeping the critical headquarters functions in Singapore, he added.

Mr Iswaran assured the House that ESG's programmes will support companies in all sectors, regardless of whether they are covered by Industry Transformation Maps, which are blueprints that map out growth plans for 23 specific sectors across the Singapore economy.

He also assured several MPs that for continuity, the new agency will give companies the same account managers as far as possible.

"If not, ESG's management is committed to ensure a seamless handover."

Mr Liang's concern is that size could lead to excessive hierarchy. He urged that officers at various levels be empowered to "carry out their mission of transforming the economy".

Replying, Mr Iswaran said that in setting up ESG, "we have taken care to preserve the competencies, networks and culture that Spring and IE have built up over the years".

Training and mentorship will be given to officers of IE and Spring, he added.

"Enterprise Singapore will also continue to recruit officers from both the public and private sectors, with relevant industry and international business experiences to support its work," he said.

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