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Enterprise Singapore (EnterpriseSG) is driving transformative digital projects to fuel economic growth, projecting a boost of SG$ 16.4 billion in annual revenue and the creation of 21,500 skilled jobs. Amid global challenges in 2023, the organisation collaborated with a plethora of companies on innovative ventures, leveraging digital solutions and automation.
EnterpriseSG has emerged as a catalyst for transformation, facilitating innovative projects expected to amplify annual revenues and thousands of jobs. In the aftermath of the first full year post-COVID-19, EnterpriseSG navigated a complex business landscape, collaborating with 18,000 Singapore enterprises in 2023. Notably, 3,000 companies embarked on transformative projects, leveraging digital solutions and internationalisation efforts to foster growth.
Despite headwinds such as manufacturing contractions, higher interest rates, and escalating business costs, EnterpriseSG successfully aided Singapore enterprises. This support extended to 15,000 companies engaged in basic capability building and market exploration projects, with over 85% embracing digital solutions for enhanced operational efficiency and market resilience. As the manufacturing sector anticipates a rebound in 2024, EnterpriseSG gears up to address longer-term structural challenges in a dynamic global economy.
EnterpriseSG played a pivotal role in boosting projected annual revenues, involving a strategic focus on globalisation, innovation and enhancing cost competitiveness. The organisation spearheaded 460 overseas projects, providing Singapore companies access to new market opportunities and competencies.
Notably, the introduction of new avenues for innovation and collaboration, including Global Innovation Alliance (GIA) nodes, Open Innovation Challenges (OICs), and Centers of Innovation (COIs), contributed to the successful development of 140 new products.
With an eye on the future, EnterpriseSG is poised to deploy strategies to help businesses navigate challenges and pursue growth in 2024. As cyclical headwinds ease, the organisation intensifies efforts to assist companies in entering new markets, developing innovative products, and enhancing cost competitiveness.
EnterpriseSG anticipates addressing long-term structural challenges, aiming to facilitate market entry, enhance cost competitiveness, and promote collaborative partnerships between SMEs and large enterprises, fostering a resilient and competitive local ecosystem.
A renewed emphasis on strengthening the symbiotic relationship between budding, smaller and well-established companies, coupled with sector development initiatives, underscores EnterpriseSG’s commitment to creating a conducive environment for inclusive growth and development.
EnterpriseSG’s transformative initiatives stand as evidence of its dedication to driving economic growth, innovation, and sustainability, positioning domestic enterprises for success on the global stage.
Singapore stands at the forefront of global digital innovation with ambitious plans to harness cutting-edge technologies, including Artificial Intelligence (AI). The nation’s strategic deployment of cutting-edge tech is a testament to its commitment to driving efficiency, innovation, and competitiveness across various sectors.
Moreover, Singapore prioritises securing its digital landscape, implementing robust measures to safeguard against evolving threats. The nation is intensifying its cyber resilience with the Ministry of Communications and Information (MCI) spearheading the Online Trust and Safety (OTS) Research Programme.
A significant component of the government’s Smart Nation & Digital Economy domain, the SG$ 20 million initiative aims to address emerging online threats like misinformation and content manipulation.
A*STAR will host the Centre for Advanced Technologies in Online Safety (CATOS), focusing on innovative tools and interventions to ensure a safer Internet, showcasing Singapore’s commitment to cutting-edge technologies and securing its digital landscape.
As part of the OTS programme, CATOS will play a crucial role in developing and customising tools to identify harmful content, address societal vulnerabilities, and test “Trust by Design” technologies. The initiative reflects Singapore’s dedication to technological leadership in online trust and safety, reinforcing its position as a forward-looking player in the digital realm.
This dual focus on technological advancement and cybersecurity underscores Singapore’s commitment to becoming a leading digital hub while ensuring the resilience and integrity of its digital infrastructure.
