Question
Mr Gerald Giam Yean Song: To ask the Minister for Trade and Industry (a) whether the economic promotion agencies have set targets for the number of SMEs to be groomed into Globally Competitive Companies within a specific period of time; and (b) if so, what are these targets and time periods.
Oral Answer by Mr Teo Ser Luck, Minister of State for Trade and Industry:
1. In its 2010 report, the Economic Strategies Committee set an aspirational goal of having 1,000 Singapore enterprises with revenues above $100 million by 2020. This is an increase of 470 from the base of 530 such enterprises in 2007. The goal of reaching 1,000 such enterprises reflects the objective of developing a strong base of globally competitive companies to create a vibrant corporate ecosystem in Singapore, and grow the external wing of our economy.