For the first time, the total revenue of Singapore's top 1,000 companies has exceeded one trillion Singapore dollars (about 650 billion U.S. dollars) with a combined profit of 73 billion (about 47 billion U.S. dollars) last year.

These companies have employed some 1.5 million people, or two- thirds of Singapore labor force.

Their contribution to the Singapore economy "is significant," S. Iswaran, Singapore's Minister of State for Trade and Industry, said at the top 1,000 companies awards ceremony on Friday.

Against the backdrop of worldwide increasing market integration in the coming years, the minister urged all local small and medium- sized enterprises (SMEs) to take a keen interest in competition law and competition issues.

He noted that mergers and acquisitions currently are an essential plank of any corporate strategy, yielding significant business efficiencies.

"While not all mergers and acquisitions have anti-competitive effects, some may substantially lessen competition with no offsetting efficiencies, and this can be detrimental to our economy," he added.

Hence Singapore' regulatory environment must be ready for this challenge, he said.

The proposed mergers regime under the Singapore Competition Act will take effect from July. 1 this year.

He reiterated the Singapore government's commitment to continue nurturing an environment that is conducive to business and promotes a healthy and competitive market.

Source: Xinhua