Budget 2023: S$1 billion top-up to Singapore Global Enterprises initiative; S$150 million for SME co-investments

TWO schemes which saw promising outcomes in 2022 will receive additional financing from the government in Budget 2023, Finance Minister Lawrence Wong said on Tuesday (Feb 14).

The Singapore Global Enterprises initiative, which helps promising companies with customised assistance in areas such as innovation, internationalisation and fostering of partnerships with other companies, will receive a S$1 billion shot in the arm in Budget 2023.

This is to develop a “healthy pipeline” of companies with a strong track record of international success, and move them “to the next level”, Wong said.

Support under the initiative will include specialised capability building programmes tailored to individual corporate needs; working with experts to strengthen core leadership teams; accelerating internationalisation plans; and building robust talent pipelines.

An additional S$150 million will also be set aside for the SME (small and medium-sized enterprise) Co-Investment Fund, Wong said, after the government saw “positive outcomes” from previous funding rounds under the fund.

“As our companies grow, we will support them in accessing capital to scale up and be globally competitive,” said Wong.

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The fund is used to co-invest with fund managers.

To date, S$1 billion has been committed to such investments in SMEs supporting their growth, Wong said, with investments in some 60 Singapore-based companies. This has translated to around S$2 billion of additional investments in those companies from the private sector.

Total revenue of these companies have more than doubled after the investments, Wong added, with over half having developed new capabilities or expanded beyond Singapore.