Precision engineering firms to see $10m-$500m revenue boost under refreshed ITM
To achieve this, support will be provided to growth companies that have sector-specific capabilities.
To boost revenue for precision engineering firms within the $10m to $500m, the government will be providing support for growth companies that have sector-specific capabilities, especially in key verticals such as semiconductors, medtech and aerospace.
This was revealed by Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, in his speech at the Industrial Transformation ASIA-PACIFIC (ITAP) 2022.
Agencies that will help companies deepen their capabilities and help them internationalise are the Economic Development Board (EDB) and EnterpriseSG.
“Initiatives such as the Global Innovation Alliance by EDB and EnterpriseSG connect Singapore companies to overseas businesses, tech and innovation communities to foster collaboration,” Heng said.
“In addition, new local entrants with global ambitions, including start-ups and spin-offs in key areas such as Industry 4.0, additive manufacturing, robotics and L&O, will receive help to go global,” he added.
In 2021, EnterpriseSG launched the PE Industry Digital Plan (PE IDP) with a three-stage Digital Roadmap to help uplift PE SMEs and kickstart their digital transformation journey.
“Through the IDP, SMEs will be able to build core digital capabilities and enhance their operational productivity, allowing them to take on higher value work,” Heng said.