Enterprise Singapore's new exexcutive chairman Lee Chuan Teck at the Enterprise Singapore office in Bugis Junction on April 29.
Mr Lee, who assumed his new role on April 1, outlined the strategy for the country to achieve the 2 per cent to 3 per cent growth on average each year over the next decade, which Deputy Prime Minister Lawrence Wong mentioned during his Budget 2024 speech in February. But more has to be done, Mr Lee said. In the external-facing sectors, this means maximising growth, especially as these companies have more opportunities, but also face more competitive pressures.
The industry had a global market size of US$75 billion in 2023 and is projected to grow at an average rate of 9.1 per cent per year up to 2032.But he added that Singapore has more to do, as it has been challenging for products to go from various funding series or growth stages to commercialisation, and EnterpriseSG can help to bridge that last mile.
Local firms from Sembcorp and Seatrium to small and medium-sized enterprises like Mooreast have projects in green power generation in areas as far afield as Scotland. In Asia, there is also potential in places like Vietnam, Malaysia, Japan and Taiwan, Mr Lee noted. The Industry Transformation Maps have lifted the productivity of individual companies, but the next leg of growth will have to be at the industry and sectoral level to pull resources together so companies have the scale, he said.
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