Using firm-level administrative data from the Department of Statistics and grant disbursement data from Enterprise Singapore, this study examines the impact of the Capability Development Grant (CDG), Global Company Partnership (GCP) grant and Market Readiness Assistance (MRA) grant on firms’ revenue and exports.

Our findings showed that the CDG, which supported firms in a diverse range of capability upgrading projects, led to higher firm-level revenue and total exports.

Similarly, the GCP, which aimed to encourage firms to deepen their international presence, and the MRA, which supported firms to take their first steps into overseas markets, were found to have positive effects on firm-level outcomes. In particular, both GCP and MRA recipients saw an increase in total exports and revenue due to the grants.

To remain relevant and competitive, our companies must press on to adapt, transform and seize opportunities as countries around the world reopen their borders, and the global economy restarts its engine. The Government remains committed to supporting companies in their internationalisation and transformation efforts.

The views expressed in this paper are solely those of the authors and do not necessarily reflect those of the Ministry of Trade and Industry (MTI), Enterprise Singapore (ESG) or the Government of Singapore.

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