Gov't urged to boost ranks of $1b revenue local firms: ESR

Overseas expansion has become harder amidst trade and supply chain risks.

The government should set a target to increase the number of Singapore-headquartered companies with over $1b in revenue, according to the Economic Strategy Review (ESR) final report.

The recommendation is part of the report’s push to strengthen support for Singapore-based firms seeking to expand overseas.

The ESR said firms that internationalise successfully are more likely to anchor higher-value functions in Singapore, including headquarters, finance, product management, and supply chain coordination.

“These efforts will also open up overseas opportunities for Singaporeans to gain international experience,” it added.

The report called for stronger support for significant overseas ventures that involve higher risks and larger capital outlays, especially where such projects can create spillovers for the broader economy.

It pointed out that internationalisation has become more difficult as firms face geopolitical uncertainty, supply chain risks, and competition from local incumbents in foreign markets.

Singapore should also strengthen facilitation support for firms entering overseas markets, ESR said.

Key priorities include helping firms find partners, understand local regulations, identify customers, and navigate business culture.

“These capabilities are especially valuable in large and complex markets, including India, Latin America and Africa,” it added.

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