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This is a demanding and ambitious mandate for SPRING, which is also the national body for productivity, standards, metrology and accreditation. Today SMEs make up over 90% of enterprises in the Singapore economy. They employ six out of every 10 workers, and contribute over 40% of value add. SMEs are also critical in supporting the operations of large enterprises and multinational corporations, enhancing the attractiveness of Singapore as a regional manufacturing and service hub.
"We cannot do our SME development work alone," Mr Loh added. “The public and private sectors have together built strong partnerships at various levels to nurture the spirit of enterprise and strengthen the competitiveness of local enterprises. SPRING will work with and through our partners."
SPRING focuses on four strategic thrusts to enable the growth of SMEs:
1. Nurturing a pro-business environment that encourages enterprise formation and growth;
2. Supporting and driving the development of key industries;
3. Enhancing the productivity & innovation and capabilities of enterprises and
4. Increasing access to markets and business opportunities.
Under its first thrust, SPRING takes on the role of a steward to nurture a pro-business environment. In this role, SPRING works with its public and private sector partners to build a conducive environment for enterprises to develop, compete and grow. SPRING promotes the review and removal of rules and regulations that stifle enterprises. It also facilitates enterprise access to key factor inputs like finance, land, labour, technology, business information and enterprise support services.
In its second thrust, SPRING adopts an integrated cluster development approach in enhancing the vibrancy and competitiveness of industries. SPRING is the lead agency in facilitating the development of Retail, F&B and Furniture industries in Singapore. SPRING also upgrades local industries in key clusters such as precision engineering, logistics and food manufacturing.
Third, SPRING helps enterprises to enhance their productivity and innovation and capabilities. These include equipping enterprises with capabilities to upgrade their know-how, and creating conditions that encourage a productivity and innovation and service focus in enterprises.
Fourth, SPRING helps enterprises gain access to markets by reducing technical barriers to trade. SPRING actively supports the Ministry of Trade and Industry in ongoing Free Trade Agreement (FTA) negotiations – with its work focusing on establishing Mutual Recognition Agreements (MRAs) that lead to lower compliance costs when exporting to these countries.
SPRING also provides quality assurance for Singapore products/services, and links local enterprises to business opportunities, both locally and overseas. This includes providing information about local and foreign government procurement exercises, and helping SMEs exploit the benefits of the different FTAs Singapore has signed with other countries. This complements the work done by IE Singapore, which helps Singapore enterprises export and internationalise.
"This new magazine, Enterprise Today, is yet another SPRING tool in our enterprise growth efforts," Mr Loh explained. "We feature relevant information and news about developments and business prospects which most concern SMEs. These would include financing and access to markets and business opportunities.”
"We also want to help our local enterprises to compete in the global marketplace," added Mr Loh. The Government has paved the way – for example, via FTAs and MRAs with South Korea, India and Taiwan in the Electrical and Electronics (E&E) sector. When implemented, these MRAs will facilitate about $31 billion of trade in the E&E sector between Singapore and South Korea, India and Taiwan.
Mr Loh likened SPRING's work as an ongoing journey together with our local enterprises and partners. Many milestones mark the way so how will we know when we have arrived?
"When we have more entrepreneurs, growing local enterprises and more productive businesses thriving n a vibrant Singapore economy," replied Mr Loh. "And when our home-grown brands become household names in the international marketplace."
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