PARLIAMENT

Singapore industrial parks abroad help local SMEs in global drive

Singapore

SOME 240 Singapore companies, 70 per cent of them small and medium enterprises, have invested in Singapore industrial parks set up in emerging growth economies like China, India and Vietnam.

Minister for Trade and Industry (Industry) S Iswaran told Parliament on Monday that such government-to-government projects have played "an enabling" role in pushing Singapore firms to expand overseas.

As at end-2016, these homegrown enterprises have pumped a cumulative S$9.4 billion into the Suzhou Industrial Park.

Mr Iswaran was replying to a question raised by Leon Perera, the Workers' Party's Non-Constituency Member of Parliament. Mr Perera wanted to know how many Singapore-based companies have cumulatively invested in the government's overseas industrial park projects; how many of these are government-linked companies, SMEs and multi-national corporations; and the spinoffs for the SMEs and Singapore economy.

Mr Iswaran said the parks have not only created opportunities for Singapore SMEs to strike out and scale up their businesses, but have also helped to build up capabilities and provide jobs in Singapore.

Amendment note: An earlier version of this story said that Singapore enterprises have pumped a cumulative S$9.4 billion into Singapore industrial parks like the Suzhou Industrial Park and Tianjin Eco-City. The figure in fact refers solely to investments into the Suzhou Industrial Park.