IE Singapore and SPRING to merge
Singapore’s Ministry of Trade and Industry (MTI) announced on September 5 (Tuesday) that International Enterprise (IE) Singapore and SPRING will merge to form a new agency called Enterprise Singapore.
Enterprise Singapore will be officially established by the second quarter of next year, and will support local companies in their growth and internationalisation efforts.
MTI aims for the merger to integrate the resources and capabilities of IE Singapore and SPRING, and thereby “better address the needs of Singapore companies and strengthen their competitiveness.”
“This is not a downsizing exercise, and we do not expect any retrenchments. Instead, there will be new roles, expanded job scopes and more opportunities for staff,” said MTI in a press release.
“In the process, it is inevitable that job scopes will have to change, not everyone will be doing the same thing that they were doing before. There will have to be some element of retraining and adaptation, this is something that the agencies and government are fully committed to,” added Minister for Trade and Industry (Industry) S Iswaran.
“As a key enabler, government agencies must also evolve and reorganise as needed, to better support our businesses and prepare them for the future economy,” he added.
“The decision to move now and establish Enterprise Singapore will enable us to respond faster to the changes in the external environment, provide better, more seamless and effective support to our companies and industries and grow stronger Singapore enterprises.”
A total of 960 employees will be affected.