International Enterprise Singapore
Encyclopedia
International Enterprise Singapore , or IE Singapore, is a statutory board
under the Ministry of Trade and Industry
of the Singapore Government that facilitates the overseas growth of Singapore-based companies and promotes international trade.
With 38 offices in 20 countries, in addition to being based in Singapore, IE Singapore offers services to help enterprises export, develop business capabilities, find overseas markets and to enter new markets, through its "3C" framework of assistance - Connections, Competency and Capital. It also anchors global trading companies in Singapore and positions the country as a base to expand into the region in partnership with Singapore-based enterprises.
There is some overlap with the mandates of other statutory boards under the umbrella of the Ministry of Trade, such as the Economic Development Board
, SPRING Singapore and the Agency for Science, Technology and Research
(A*STAR). However, it is officially considered to be the "primary" or "lead" agency dealing with such matters.
(GATT), to actively secure market access and lobby for free trade.
The re-branding coincided with an acknowledgment that Singapore had to move beyond its investment
-led and electronics-dominated export base and to diversify her sources of growth. One of the key thrusts in Singapore's new economic strategy was to help Singapore-based companies internationalize and grow in an increasingly global market. TDB was thus renamed International Enterprise Singapore (IE Singapore) on 12 Apr 2002 to mark a strategic shift in activities, which would now focus less on export promotion, and more on helping Singaporean business start and develop their business overseas.
In this way, IE Singapore is analogous to other trade and export promotion agencies such as the Australian Trade Commission
(Austrade) and the Japan External Trade Organization. However, their roles differ to reflect the different economic strategies envisaged by their respective governments, which also depend on the relative profile and orientation of their economies. IE Singapore, for example, focuses also on investment matters, while organizations such as JETRO have also shifted to activities such as import promotion. It is one of many examples of Trade Promotion Agencies (TPOs) internationally facing change, and having adjusted their mission appropriately to suit the times.
Statutory boards of the Singapore Government
The statutory boards of the Singapore Government are organisations that have been given autonomy to perform an operational function. They usually report to one specific ministry.*Accounting and Corporate Regulatory Authority...
under the Ministry of Trade and Industry
Ministry of Trade and Industry (Singapore)
The Ministry Of Trade and Industry is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore.-Mission:...
of the Singapore Government that facilitates the overseas growth of Singapore-based companies and promotes international trade.
Purpose
The main purpose of IE Singapore is to drive Singapore's external economy, by partnering Singapore-based companies in their international expansion and promoting international trade to ensure Singapore's growth in a globalised world.With 38 offices in 20 countries, in addition to being based in Singapore, IE Singapore offers services to help enterprises export, develop business capabilities, find overseas markets and to enter new markets, through its "3C" framework of assistance - Connections, Competency and Capital. It also anchors global trading companies in Singapore and positions the country as a base to expand into the region in partnership with Singapore-based enterprises.
There is some overlap with the mandates of other statutory boards under the umbrella of the Ministry of Trade, such as the Economic Development Board
Economic Development Board
-Overview:The Economic Development Board is a statutory board of the Government of Singapore that plans and executes strategies to sustain Singapore as a leading global hub for business and investment....
, SPRING Singapore and the Agency for Science, Technology and Research
Agency for Science, Technology and Research
The Agency for Science, Technology and Research is a statutory board under the Ministry of Trade and Industry of Singapore...
(A*STAR). However, it is officially considered to be the "primary" or "lead" agency dealing with such matters.
History
IE Singapore originated from a re-organization of what used to be called the Singapore Trade Development Board (TDB). The TDB was formed in 1983 to develop Singapore as an international trading hub, promoting the nation's goods and services. Activities ranged from basic trade facilitation, to reviewing existing marketing policies, strategies and techniques. It explored opportunities in both traditional and non-traditional markets, and subsequently exported business systems and developed international offshore trading. It also had a role in trade policy after Singapore joined the General Agreement on Tariffs and TradeGeneral Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization . GATT was signed in 1947 and lasted until 1993, when it was replaced by the World...
(GATT), to actively secure market access and lobby for free trade.
The re-branding coincided with an acknowledgment that Singapore had to move beyond its investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
-led and electronics-dominated export base and to diversify her sources of growth. One of the key thrusts in Singapore's new economic strategy was to help Singapore-based companies internationalize and grow in an increasingly global market. TDB was thus renamed International Enterprise Singapore (IE Singapore) on 12 Apr 2002 to mark a strategic shift in activities, which would now focus less on export promotion, and more on helping Singaporean business start and develop their business overseas.
In this way, IE Singapore is analogous to other trade and export promotion agencies such as the Australian Trade Commission
Australian Trade Commission
The Australian Trade Commission or Austrade, is the Australian government trade and investment development agency, a statutory authority administered by the Department of Foreign Affairs and Trade , with offices in overseas embassies and consulates and representative arrangements in some other...
(Austrade) and the Japan External Trade Organization. However, their roles differ to reflect the different economic strategies envisaged by their respective governments, which also depend on the relative profile and orientation of their economies. IE Singapore, for example, focuses also on investment matters, while organizations such as JETRO have also shifted to activities such as import promotion. It is one of many examples of Trade Promotion Agencies (TPOs) internationally facing change, and having adjusted their mission appropriately to suit the times.