Bean,

IE Singapore helps local companies venture out of Singapore, growing Singapore's external economy.
SPRING helps local SMEs grow and build competencies/capabilities in Singapore.
The thing is that Singapore is indeed a vibrant economy in this region, yet she's very much dependent on foreign MNCs. I believe you can't be a great nation with a truly economy to be proud of if the foundation of that prosperity doesn't come from home grown entrepreneurs and companies.
You'll notice that in these foreign MNCs, it is almost always a foreigner sitting at the top, no matter the performance.

Cheers,
ASHT