Integration of EDB and IE Singapore for Better Alignment of Planning and Execution of Economic Strategies

Miss Cheryl Chan Wei Ling asked the Minister for Trade and Industry (Trade) whether the Ministry will consider integrating EDB and IE Singapore so as to take a holistic approach of whole-of-value chain capabilities to review economic issues strategically that enhances integrated tactical and operational execution.

Mr Lim Hng Kiang: The Government takes a holistic approach towards economic planning and development. As the Committee on the Future Economy (CFE) reaffirmed, close collaboration amongst Government agencies and partners is critical to implement our economic strategies effectively and create good jobs for Singaporeans.

Economic agencies, including EDB and IE Singapore, have mutually complementary strategic functions. EDB focuses on bringing in investments and strengthening Singapore as a global hub for business, while IE Singapore focuses on growing trade and overseas investments by helping Singapore-based enterprises internationalise. These roles allow agencies to specialise and build deep expertise in their respective areas.

We have in place various mechanisms to ensure close collaboration amongst agencies. How the Industry Transformation Maps (ITMs) are being developed and implemented is a good example of inter-agency and stakeholder collaboration. Each ITM is led by one Government Agency, which spearheads efforts in coordinating across agencies and bringing together the different types of support available to meet the specific industry’s needs. The ITMs do not only identify strategies, they also bring together the stakeholders to jointly execute the strategies. For example, the ITM for the logistics sector was launched on 16 November 2016. While EDB is the lead agency coordinating the ITM, IE Singapore has also been keenly involved to develop and execute strategies to help our logistics firms internationalise, which includes leveraging specialised logistics handling capabilities to complement other sectors like food and healthcare.

The overseas Singapore Centres introduced in Budget 2017 is another example. Each Centre will consolidate the overseas networks of economic agencies to create single points of contact in key markets. This offers a common touch-point to Singapore-based companies venturing into the specific market, while allowing each agency to offer their respective expertise based on the companies’ needs. Both EDB and IE Singapore are part of our global network of Singapore Centres, and help companies gain new market access and grow their businesses through their joint efforts.

MTI will continue to review the structures, processes and operations of our economic agencies, to ensure that our companies are supported effectively.