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The government will provide additional funding for two schemes which saw promising outcomes last year, said DPM Lawrence Wong today (Feb 14) in the Budget 2023 speech.

The Singapore Global Enterprises initiative, which provides assistance to large local enterprises (LLEs) in areas such as innovation, internationalisation and fostering partnerships with other companies, will receive an additional injection of S$1 billion.

This is so that Singapore can “develop a healthy pipeline of LLEs” with a strong track of international success and move them “to the next level” said DPM Wong.

The initiative will provide support to LLEs in the form of specialised capability building programmes tailored to individual LLEs’ needs, working with experts to strengthen core leadership teams, accelerating internationalisation plans and building robust talent pipelines.

In addition to the Singapore Global Enterprises initiative, S$150 million will be set aside for the SME Co-Investment Fund to support them in accessing capital to scale up and be globally competitive.

Featured Image Credit: iStock

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