Budget 2018 'to continue to help firms transform'

Lawrence Wong lauds local firm Esco's efforts to grow, innovate

Esco Group's group president and CEO Lin Xiangqian (right) showing Mr Lawrence Wong on Wednesday the life-science firm's TideCell Bioreactor System, which can be used in the production of biologics.
Esco Group's group president and CEO Lin Xiangqian (right) showing Mr Lawrence Wong on Wednesday the life-science firm's TideCell Bioreactor System, which can be used in the production of biologics. PHOTO: MINISTRY OF FINANCE

The upcoming Budget's focus on helping firms innovate and transform was highlighted yet again yesterday by Minister for National Development Lawrence Wong in a Facebook post about his recent visit to local life-science manufacturer Esco Group.

Commending the firm's transformation over the years and its current research and development efforts, Mr Wong said: "We want to facilitate more of such corporate-level innovation and transformation.

"Budget 2018 will continue with efforts to build deep capabilities in our firms and people, and forge stronger partnerships at all levels."

Mr Wong, who is also Second Minister for Finance, visited Esco Group's facilities at Ayer Rajah Crescent on Wednesday.

Esco was formed in 1978, providing clean-room solutions for the then booming electronics industry. In 2000, as market conditions changed, it shifted its focus to laboratory and biological safety equipment.

The firm later moved into the life-science sector with the support of government schemes. These include the Capability Development Grant, which supports firms in building capabilities in areas such as product development and business transformation. Esco tapped this grant to develop design and manufacturing capabilities for a new range of pharmaceutical isolators, which are equipment that help maintain sterile conditions.

Esco Group also has an investment arm, Esco Ventures, which invests in biomedical start-ups. These included some that have received funding from the Startup SG Tech scheme.

"All in all, it's a remarkable story of a Singaporean company that continues to innovate, transform and grow, seizing new opportunities along the way," said Mr Wong.

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A version of this article appeared in the print edition of The Straits Times on February 02, 2018, with the headline Budget 2018 'to continue to help firms transform'. Subscribe