Singapore External Economy Up By 22% For 2010
Singapore’s goods exports bounced back by 22% from 2009 to hit S$479 billion, while export of services grew by 15% within the first 9 months of 2010 over the same period in 2009 to reach S$111 billion.
IE Singapore, the lead agency promoting overseas growth and international trade, assisted over 66,000 companies in their plans to expand beyond Singapore’s shores last year.
One of the more popular schemes at IE Singapore is the International Partners (or iPartners) Programme.
This Programme encourages Singapore companies to form consortiums where they can pool both resources and capabilities to be more competitive overseas.
IE Singapore brought together 13 new iPartner consortiums last year. The newly formed consortiums span sectors such as urban solutions, biomedical science, food and ICT, and are projected to bring in S$586 million in overseas sales over the next 3 to 5 years.
IE Singapore also supports companies’ overseas expansion through platform projects.
These big scale projects are led by larger Singapore companies, which in turn open up many opportunities for other Singapore companies.
IE Singapore currently facilitates 20 platform projects in nine countries, including the Tianjin Eco-city and Guangzhou Knowledge City in China, the Nakilat-Keppel Offshore & Marine Shipyard in Qatar, and a Keppel BrasFel Shipyard in Brazil.
Small and Medium Enterprises (SMEs) form a significant proportion of the companies IE Singapore assists. Last year, more than 90% of the companies IE Singapore helped were SMEs. The assistance provided included project facilitation, market advisory and incentive programmes.
Over 90% of our grants, financing and tax incentives went to SMEs.
“Singapore-based companies have consolidated their positions in the past year and are gearing up to further grow their footprint overseas. IE Singapore will continue to support our companies to access new markets, and strengthen their capabilities for overseas expansion. Our vision is to grow a vibrant pool of exportcapable and international Singapore companies, SMEs inclusive, to drive Singapore’s economy and trade,” said Mr Teo Eng Cheong, CEO of IE Singapore.
Close to 250 company representatives attended the IE Partnership Seminar organised by IE Singapore.
IE Singapore’s Directors, based in over 30 cities around the world were in Singapore today to share with company representatives the latest developments and perspectives on business and investment opportunities in their respective markets.
The lead agency promoting overseas growth and international trade helped 66,000 Singapore-based companies with overseas expansion.
Singapore rebounded strongly with healthy growth in its external economy last year. Goods exports bounced back by 22% from 2009 to hit S$479 billion, while export of services grew by 15% within the first 9 months of 2010 over the same period in 2009 to reach S$111 billion.
Based on the first three quarters of 2010, Singapore companies pumped in S$15 billion worth of investments overseas; approximately two and a half times what they invested in the same period in 2009. These findings were shared by International Enterprise (IE) Singapore’s CEO, Mr Teo Eng Cheong, at the IE Partnership Seminar today.
IE Singapore, the lead agency promoting overseas growth and international trade, assisted over 66,000 companies in their plans to expand beyond Singapore’s shores last year. This is an increase of 22% from 2009, where many companies were impacted by declining overseas revenue, with some putting expansion plans on hold.
Correspondingly, IE Singapore facilitated more overseas projects last year – 366 in all, compared with 253 just two years ago. The agency also stepped up on activities to explore overseas opportunities with 438 business missions last year, up from 324 in 2009.
Singapore-based companies who are interested to venture overseas can seek help from the comprehensive range of assistance schemes IE Singapore provides.
In 2010, over 8,000 companies benefitted from the grants, financing and tax incentives from the agency.
More than S$1.4 billion of loans and S$72 million of
About International Enterprise Singapore
International Enterprise (IE) Singapore is an agency under the Ministry of Trade and Industry spearheading the development of Singapore’s external economic wing.
Our mission is to promote the overseas growth of Singapore-based enterprises and international trade.
With a global network in over 30 locations and our 3C framework of assistance – Connections, Competency, Capital, we offer services to help enterprises export, develop business capabilities, find overseas partners and enter new markets.
At the same time, we work to position Singapore as a base for foreign businesses to expand into the region in partnership with Singapore-based companies.
Please visit www.iesingapore.com for more information.
Topics: 2010, 2011, Asia, biomedical manufacturing output, business, commodities, economic development, economic growth, economic recovery, Economy, electronic goods, electronics production, employment, expansion, finance, first quarter, forecast, GDP, Governance, government, gross domestic product, inflation, International Enterprise Singapore, International Partners Programme, investment, iPartners, jobs, Ministry of Trade and Industry, monitor, news, Pacific, services sector, Singapore, transport, wholesale trade
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