S’pore to encourage local firms to accept risk-taking as part of growth strategy

This marks a fundamental shift in nation’s investment promotion strategy: DPM Gan

- Ovais Subhani Senior Business Correspondent

(From left) Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow, Deputy Prime Minister Gan Kim Yong, and Acting Minister for Culture, Community and Youth David Neo at a media briefing on Jan 29 about the Economic Strategy Review committees' proposals, including more government support for companies to expand Singapore's footprint abroad.

(ST PHOTO: SHINTARO TAY)

In a fundamental shift, local companies will be encouraged to accept risk-taking as part of their strategy to capture new business opportunities in a changing world.

A midterm update of the Economic Strategy Review (ESR), unveiled at a Jan 29 press conference, sought government support for companies, including startups, that are able to establish or extend Singapore’s global leadership in key growth sectors, such as advanced manufacturing and modern services, even if that entails the risk of failure.

The recommendations made by the ESR committees include government support for local firms to go overseas and with big projects. This could also be risk-prone as most countries are raising barriers to trade and investments.