International Enterprise Singapore (IE Singapore) is an agency under the Ministry of Trade and Industry spearheading Singapore's efforts to develop its external economic wing, which is to increase the activities and investments of Singapore-based enterprises in overseas markets. It was formerly known as the Singapore Trade Development Board. Our mission is to help Singapore-based companies grow and internationalize successfully. We offer a wide range of services in over 35 locations worldwide by using a '3C' framework of assistance- Competency, Connections and Capital. We provide market information and assist enterprises to export, develop their business capabilities and find overseas partners.
At the same time, IE Singapore works to position Singapore as a base for foreign businesses to expand into the region in partnership with Singapore-based companies. Singapore's unique advantages of strategic location, stable government, competitive workforce, and probusiness environment make it the ideal launchpad for globalization.
IE Singapore's Overseas Center in Seoul has been established since 1990. We have been involved in catalyzing investments into Korea and partnerships between Singapore-based and Korean companies venturing beyond Korea. We constantly seek to multiply these channels for investments and partnerships through collaborations with strategic partners.
Memoranda Of Understanding (MOU) have been signed on a government level with KOTRA and municipal government level with the Busan Jinhae Government to expand the opportunities for collaborations between Singaporebased and Korea enterprises.
Infocomms and Technology (ICT) Industry of Singapore The ICT industry in Singapore has been growing steadily, with total revenue growth being 8.9% in 2005. The key sectors that the Singapore ICT Industry is known for are e-government, financial technology and intelligent transport systems.
e-Government
Singapore is a recognized global leader in e-government and has numerous accolades to our name. We ranked among the top three in the e-Government Leadership survey by Accenture from 2001 to 2005.
We were ranked the top e-government country by Brown University (2003), the top country in Networked Readiness Index by the World Economic Forum (2004-2005), and second and seventh on egovernment participation and readiness respectively by the United Nations (2005).
Our homegrown ICT companies deploy a wide spectrum of unique technologies and solutions to provide a comprehensive suite of services in the areas of Infrastructure, Technology Solutioning, Managed Services, Masterplanning and Consultancy. These companies have an impressive track record serving key sectors such as Defense, Education, Health, Law, Trade and Transport. Singapore also boasts a range of electronic systems that manage the flow of regulatory and commercial information for trade.
Financial Technology
Singapore is a leading financial center, plugged into the international financial system. Over the years, our sound economic and financial fundamentals, strategic location, highly skilled workforce and excellent telecommunications and infrastructure, have attracted more than 700 reputable international financial institutions to set up operations in Singapore. As of 2005, we are the world's fourth largest foreign exchange trading center, the fifth largest trader in derivatives, and the ninth largest offshore lending center.
Given the established base of worldclass banking clientele in Singapore, our financial technology companies have developed well-rounded exposure and substantial experience in understanding the needs of financial institutions, providing end-to-end services and financial software solutions ranging from IT infrastructure outsourcing, IT applications outsourcing, business process outsourcing (BPO) to business transformation outsourcing. The companies have impressive track records with numerous world-class financial institutions based in Singapore and around the world. Singapore and our companies have also won accolades for the successful implementation of several cutting-edge financial systems. These include the world's first nationwide end-to-end Check Truncation System (CTS) as well as one of the most successful nation-wide online debit systems.
Intelligent Transport Systems
In a highly urbanized and land-scarce city like Singapore, it is important to have in place an efficient traffic management system. Our deployment of revolutionary intelligent transport systems in traffic management such as the gantry-less Electronic Road Pricing System and Junction Electronic Eyes (J-Eyes) System is wellknown, and serves as a model of traffic management for developed countries.
Our local intelligent transport system providers have commanding edge in the development and application of advanced technologies such as Artificial Intelligence, Mobile Communications, Global Positioning System, Smart Card and Internet technologies to meet the needs of airports, seaports, transport hubs, transport infrastructure operators and other end users.
Forming ties that bind: Creating alliances between Singapore-based and Korean enterprises to venture overseas. The consolidation and eradications of companies through mergers have become part of the business landscape in Asia.
Today, a flexible and quick decision making culture is imperative not for growth but for the survival of enterprises. Asian enterprises need to share capital, expertise and resources to achieve this and can no longer isolate themselves through geographical roots. Therefore, business expansion overseas is an increasingly common strategy for growth.
Entrepreneurs will evaluate alliances from different countries based on merit and the comfort of working together. Likemindedness in pursuing growth objectives is key to sustaining these partnerships. The high premium that Koreans place on longterm relations is not dissimilar to Singaporeans' values for trust, fair play and transparency. Singapore-based companies are strong in distribution networks, marketing expertise, R&D facilities, IP infrastructure, and have experience with regional markets. By working together with Singapore-based companies, Korean companies will be able to tap on their strengths for expansion together into international markets. Blue ocean or red, our enterprises can create more waves by leveraging each other's strengths than as separate entities. We look forward to more partnerships and alliances between Singapore-based and Korean enterprises.
Please visit www.iesingapore.com for more information on IE Singapore. For Korean companies interested in linking up with Singapore-based companies, please contact our Overseas Center (Seoul):
International Enterprise Singapore 28F Seoul Finance Center, 84 Taepyungro 1- ka, Jung-gu, Seoul 100-101, Korea Tel: + 82 2 736-1207 Fax: + 82 2 736-1209 Email: seoul@iesingapore.gov.sg
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