This is complemented by government investment funds which invest in promising companies alongside commercial partners like 65 Equity Partners and Heliconia Capital.
PM Wong noted that the Government has set aside more than S$1.8 billion over the past five years to support enterprise growth through investment funds.
Its investments generally span a three-to seven-year horizon, like other private equity funds, PM Wong said.
“To help enterprises with longer growth trajectories, we will deploy some of our funds as patient capital, with longer investment horizons, to ensure that promising companies have the resources to thrive,” he added.
PM Wong said that Singapore has developed a stronger pool of globally competitive startups and enterprises.
He cited the example of local player AEM Holdings, which provides semiconductor testing solutions to detect manufacturing defects or design flaws.
“AEM today has a global footprint, with manufacturing plants and R&D teams across Asia, Europe, and the US,” he said.
But more has to be done, and the Government will provide more support for enterprises to execute their growth plans and compete on the global stage, PM Wong noted.
He also said that the Government will extend its support schemes for internationalisation, and for mergers and acquisitions.
For example, there will be two enhancements to the Enterprise Financing Scheme (EFS), which enables Singapore businesses to access financing more readily across all stages of growth.
First, the maximum loan quantum under the EFS – Trade Loan will be permanently increased from S$5 million to S$10 million.
This will help businesses to meet their increased trade financing needs, especially amid elevated costs, and support their internationalisation efforts.
Second, the scope of the EFS – Mergers and Acquisitions Loan will be enhanced beyond equity acquisitions to support targeted asset acquisitions from 1 April 2025 to 31 March 2030.
This will provide more financing support for Singapore enterprises pursuing inorganic growth opportunities, or activities related to mergers and acquisitions.
PM Wong also noted that some ventures are started by global companies, or by experienced entrepreneurs, and the Economic Development Board (EDB) has developed close links with them.
EDB plans to launch a Global Founder Programme later this year to encourage global founders to anchor and grow more new ventures in Singapore.
“We want Singapore to be a place where exciting ventures develop and grow into the leading enterprises of the future,” PM Wong said.
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