Enterprise Singapore helps 76,000 companies in its first year

Enterprise Singapore chairman Peter Ong (left) and chief executive Png Cheong Boon at the agency’s year-in-review conference on March 14. The agency was formed in April 2018 to help companies here grow their capabilities and venture overseas.
Enterprise Singapore chairman Peter Ong (left) and chief executive Png Cheong Boon at the agency’s year-in-review conference on March 14. The agency was formed in April 2018 to help companies here grow their capabilities and venture overseas.ST PHOTO: AW CHENG WEI

SINGAPORE - About 76,000 companies have received help from Enterprise Singapore (ESG) since the government agency was set up in 2018, according to its first report card.

The beneficiaries included local companies planning to upgrade their capabilities or grow overseas.

They also comprised start-ups that obtained funding as well as incubation and mentoring support from ESG.

The numbers were released in ESG's first annual review on Thursday (March 14) as the agency turns a year old in April.

ESG chairman Peter Ong said that the agency has delivered good outcomes for local enterprises despite a challenging environment and organisational integration.

ESG was formed through a merger of the former International Enterprise Singapore and Spring Singapore.

Its job is to provide targeted programmes and support according to companies' stage of growth, the industry they operate in and the overseas markets they are interested in entering.

ESG supported 7,000 projects that helped companies upgrade their capabilities, improve their productivity and grow overseas last year.

 

The projects are expected to "generate $10.2 billion in value-add and 10,500 skilled jobs", the ESG statement said.

The agency also facilitated more than 570 overseas projects that are expected to create $17.2 billion in overseas sales and investments.

It helped more than 1,000 start-ups through its Startup SG programmes and partners.

ESG co-invested close to $36.5 million in 52 start-ups, encouraging about $118 million in private investments.