APRIL 2018 FEATURE:

For local businesses, the merger of two key government agencies, International Enterprise (IE) Singapore and SPRING Singapore, must have been a welcome move.

In a rapid changing world with technology disrupting industries and the way business is done, companies need to act nimbly and integrate capability building, innovation, and internationalisation in their strategies to prepare for the future. Formed with this vision in mind, the new Enterprise Singapore (ESG) was officially launched on 2 April 2018 and offers a one-stop centre serving companies of various sizes at different stages of growth.

As a single agency championing the growth of Singapore companies of all sizes, ESG will continue to establish Singapore as a leading global trading hub, and build trust in Singapore’s products and services. Its suite of programmes and initiatives includes Capabilities Development, Internationalisation and financing access is designed to promote SME growth.

In the past, a company needing help in its productivity drive as well as overseas expansion plans would need to go to SPRING for the former and IE for the latter. Companies would now have access to a single touchpoint with streamlined assistance programmes and processes.

A good example would be the new Productivity Solutions Grant (PSG) which will be available from October 2018. Integrating three existing programmes, companies can enjoy funding for ready-to-adopt IT solutions and equipment to improve productivity with a single grant.

Industry players such as Sitra Holdings (International) Ltd applauds the change:

“In today’s fast-paced business environment, having to only deal with a single government agency who understands my company’s global needs in terms of support can only be a good thing. I look forward to working with the new team”, says Executive Director Mr Steven Chew.

With over 200,000 SMEs to serve, one can imagine the considerable amount of resources required. Trade Associations & Chambers (TACs) such as the Singapore Furniture Industries Council (SFIC), with an extensive membership network and intimate knowledge of industry needs, offer an effective way to plug the gap.

As the ESG Chief Executive Officer (CEO), Mr Png Cheong Boon, said in a press statement, “TACs will help to ‘’broaden the reach and magnify the impact of our industry transformation message’’.

In his new role as ESG Chairman, Mr Peter Ong has already visited several TACs and was at a recent dialogue session organised by the Singapore Chinese Chamber of Commerce and Industry (SCCCI) at the Trade Association Hub. The well-attended session provided an excellent opportunity for senior management of TACs to share pressing issues.

While portfolios have been reshuffled with the merger, familiar faces at the new agency are an added assurance. A great partner to SFIC and often spotted at major SFIC events as a show of support, ESG Executive Director (Lifestyle & Consumer Cluster) Ms Kee Ai Nah continues to oversee the development of our industry.

“Along with many other industries, the global furniture industry is facing digital disruption. This also means that there is much potential for our companies to grow. The rise of international online furniture retailers like Wayfair and Overstock, and homegrown companies such as HipVan and Castlery, have made it crucial for Singapore furniture companies to transform using technology. Enterprise Singapore will continue to partner SFIC in supporting our manufacturers and retailers of furniture and furnishings to build new business models, innovate and internationalise”, says Ms Kee.

With a common goal to enhance our industry’s competitiveness and to capture new growth opportunities, the Singapore Furniture Industries Council (SFIC) looks forward to opening a new chapter of close partnership with the new agency.

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