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IE S’pore, Spring to merge and drive global push for firms

SINGAPORE — International Enterprise (IE) Singapore and Spring Singapore will be combined into a single government agency, in a move that will help local firms grow their businesses and expand overseas.

A new agency Enterprise Singapore will be formed by the middle of next year through the merger of International Enterprise (IE) Singapore and Spring Singapore, said the Ministry of Trade and Industry (MTI). Photos: Spring Singapore, IE Singapore

A new agency Enterprise Singapore will be formed by the middle of next year through the merger of International Enterprise (IE) Singapore and Spring Singapore, said the Ministry of Trade and Industry (MTI). Photos: Spring Singapore, IE Singapore

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SINGAPORE — International Enterprise (IE) Singapore and Spring Singapore will be combined into a single government agency, in a move that will help local firms grow their businesses and expand overseas.

The new agency, called Enterprise Singapore, will be formed by the middle of next year through the merger, the Ministry of Trade and Industry (MTI) said yesterday at the opening of the new office of the Singapore Business Federation (SBF).

The event was attended by Prime Minister Lee Hsien Loong, Minister of Trade and Industry (Industry) S Iswaran, and labour chief Chan Chun Sing.

Enterprise Singapore will work with trade associations and chambers, unions and educational institutions to develop more streamlined processes and provide a comprehensive suite of programmes to facilitate enterprise growth.

It will be the lead agency for trade promotion, and will support the internationalisation needs of companies as well as perform the role of the national body for standardisation and accreditation.

Enterprise Singapore will also work with the Economic Development Board to drive and implement development strategies for Singapore’s future economy, and forge closer cooperation between multinational companies, innovative start-ups and local enterprises. 

Spring’s consumer protection function will be transferred to the Competition Commission of Singapore.

Mr Png Cheong Boon, Second Permanent Secretary for MTI, has been named as the chief executive officer-designate of Enterprise Singapore, which will be formally established by the second quarter of next year. 

In the meantime, both the chief executive officers of Spring and IE Singapore will remain in their positions.

The merger, which affects about 960 employees, is not expected to result in any layoffs.

“This is not a downsizing exercise, and we do not expect any retrenchments. Instead, there will be new roles, expanded job scopes, and more opportunities for staff, for example, new markets and partnerships to explore. Officers will be equipped to take on these new roles,” an MTI spokesperson said. 

Mr Iswaran said of the merger: “As a key enabler, government agencies must also evolve and reorganise as needed, to better support our businesses and prepare them for the future economy. The decision to move now and establish Enterprise Singapore will enable us to respond faster to the changes in the external environment.”

He said that the Government had studied feedback gathered from the Committee on the Future Economy’s “extensive industry consultations, as well as the call from various parties, including SBF and the Small and Medium Enterprises (SME) Committee, for a consolidated government agency to champion the growth and development of SMEs”.

Mr Iswaran noted that Spring and IE Singapore have developed strong networks and deep expertise in their respective functions. IE Singapore has in the first half of this year alone helped more than 24,000 enterprises with overseas expansion. 

Over the same period, Spring had helped to build capabilities in SMEs through projects that are expected to generate S$4 billion in value-add. The productivity of the two agencies grew by 1 per cent last year, and 2.8 per cent in the first half of this year, said Mr Iswaran.

SBF chairman Teo Siong Seng said: “This is a move in the right direction and sends an important signal that the Government is responsive to businesses’ changing needs.”

Association of Small and Medium Enterprises President Kurt Wee said that with the move, SMEs can approach just one agency for “both domestic and internationalisation needs”. “It will be a much more seamless and integrated experience,” he said. ADDITIONAL REPORTING BY RUMI HARDASMALANI

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