How is EnterpriseSG encouraging greater innovation?

Enterprise Singapore (EnterpriseSG) is directly helping companies develop new innovative products and services, and building the ecosystem to encourage more pervasive innovation. We have eight Centres of Innovation (COI) in partnership with educational and research institutions to help companies create and export new innovative solutions. We have witnessed many success stories. For example, Singapore-based startup NovaMeats partnered a COI to co-develop plant-based meat products, which are now sold in China.

We also promote open innovation for companies to crowdsource solutions. Through Open Innovation Challenges (OICs) we connect companies to solution providers around the world. For example, a Singaporean logistics player found an Estonian AI-enabled digital solution provider though the OIC. Without this OIC, it is unlikely that we can find a solution all the way from Estonia.

We can help companies find solutions globally also because we leverage on our Global Innovation Alliance, a network connecting innovation hubs worldwide. To date, we have 16 hubs in the network, including nearby Bangkok to as far away as Munich and San Francisco.

During the pandemic, many companies moved online. We will build on this and help companies online to capture not just the domestic Singapore market but also the world’s markets. We will bring more companies onto B2C and B2B digital platforms with greater global reach.

Can you briefly present the scope of the Enterprise Sustainability Programme?

We launched the Enterprise Sustainability Programme (ESP) to support Singapore’s ambition to become net-zero by around mid-century. In fact, we announced the plan to significantly increase our carbon tax from the current S$5/tCO2e by at least 10 times to S$50-80/tCO2e by 2030. The ESP will help companies build capabilities for the low carbon future and capture new opportunities in the green economy. Some S$180 million will be set aside to support companies through training workshops, project support and green financing.

What are the main goals of the Trade 2030 strategy?

Singapore’s economic weight lies not just in the volume of the products we make and export, but also in how deeply and widely we are plugged into the global trade flows. Our Trade 2030 strategy is a major endeavor to grow total exports to S$1 trillion, as well as double offshore trade to US$2 trillion, by 2030.

The Singapore trading community is very diverse, with global traders from Europe, the Americas, Japan, Southeast Asia, and the Middle East. The pool of products we trade is equally rich – besides trading petrochemicals, we trade agri-commodities, rubber, and minerals. To plug ourselves deeper in international trade flows and global supply chains, we will do more than just buy and sell. We will work with companies to expand into other areas such as R&D, sustainability, innovation and digitalisation. We are seeing good progress. For example, Cargill has set up an innovation center to develop new formulations for its agriculture products, while Norwegian company Yara is running a digital innovation center to develop digital tools for farmers.

What opportunities do you see for Singapore as a carbon trading hub?

The world will need different carbon hubs. We want Singapore to be an important Asia hub. We have some existing advantages. For example, we are located in a region rich in nature-based solutions for origination of carbon credits. We are also home to many multinationals who are accelerating their decarbonization goals and demanding more carbon services. Companies like Trafigura and Shell have already set up carbon trading desks, while others like Cepsa are looking to trade greener products like biofuels.

Singapore has a growing carbon services ecosystem today. We have over 70 carbon service companies providing a range of services. These include carbon advisory firms such as South Pole, and carbon marketplaces such as AirCarbon Exchange and Climate Impact X. The World Bank has also announced its collaboration with Singapore on the Climate Warehouse initiative to coordinate multiple carbon registries. This initiative will enhance transparency and mitigate double-counting of carbon credits.

Do you have a final message?

Besides manufacturing and services, trade has been and will remain a key pillar of Singapore’s economy. Trade connects us to the world. We must ensure that we retain the instincts to remain open and engage with the rest of the world.

Lastly, one of the unique things about the trade sector is that it brings together nationalities from all over the world. And this adds to the beauty of Singapore - that it is a global city with diverse nationalities and a place where everyone feels welcome.