Precision engineering firms to see $10m-$500m revenue boost under refreshed ITM

To achieve this, support will be provided to growth companies that have sector-specific capabilities.

To boost revenue for precision engineering firms within the $10m to $500m, the government will be providing support for growth companies that have sector-specific capabilities, especially in key verticals such as semiconductors, medtech and aerospace.

This was revealed by Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, in his speech at the Industrial Transformation ASIA-PACIFIC (ITAP) 2022.

Agencies that will help companies deepen their capabilities and help them internationalise are the Economic Development Board (EDB) and EnterpriseSG.

“Initiatives such as the Global Innovation Alliance by EDB and EnterpriseSG connect Singapore companies to overseas businesses, tech and innovation communities to foster collaboration,” Heng said.

“In addition, new local entrants with global ambitions, including start-ups and spin-offs in key areas such as Industry 4.0, additive manufacturing, robotics and L&O, will receive help to go global,” he added.

In 2021, EnterpriseSG launched the PE Industry Digital Plan (PE IDP) with a three-stage Digital Roadmap to help uplift PE SMEs and kickstart their digital transformation journey.

“Through the IDP, SMEs will be able to build core digital capabilities and enhance their operational productivity, allowing them to take on higher value work,” Heng said.

Follow the link for more news on

ITAP

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia