SINGAPORE - Amid the challenges of rising costs, the main thrust of support for small and medium-sized enterprises (SMEs) is focused on firms that are prepared to take steps to raise productivity and expand their business, said Deputy Prime Minister Lawrence Wong on Friday. Read more at straitstimes.com.
SINGAPORE - Amid the challenges of rising costs, the main thrust of support for small and medium-sized enterprises is focused on firms that are prepared to take steps to raise productivity and expand their business, said Deputy Prime Minister Lawrence Wong on Friday.
Between 2019 and 2022, the amount of support extended to SMEs via a host of existing schemes had doubled, while the number of local enterprises supported to build new capabilities, innovate and expand overseas also increased by about 60 per cent. “Over the years, they have sunk roots here and contributed to the growth of our medtech ecosystem, they have developed strong partnerships with local companies such as Richport, Nanofilm and Sunningdale, enabling our local enterprises to improve their capabilities and scale up their businesses to reach out to more customers.”
He added that Singapore must leverage on its competitive advantages - high-quality infrastructure, stable policy environment and access to talent - while managing its inherent and permanent constraints, especially in the areas of manpower, land and energy. Mr Wong said unproductive jobs will become obsolete and new, better, more productive roles will be created in their place. “This churn is an integral part of healthy economic growth. But it does create uncertainty for workers,” he added.To support workforce transition, the Government will continue to focus on targeted re-employment and training support.
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