Enhanced Productivity And Novelty With SME Policies
Small and medium-scale industries have emerged to become the backbone of the Singapore economy. With SMEs comprising 90% of all the businesses in the city-state, it contributes greatly to the gross domestic product and employment rate. In return, the government reaches out to support and invite more entrepreneurs to start up and form a business of their own. The government highly encourages the collaboration between large organisations and small-scale enterprises for the mutual benefit of improved productivity. These initiatives are reflected in the 2013 Budget announced by Deputy Prime Minister Tharman Shanmugaratnam.
The Collaborative Industry Projects seek to address challenges to productivity that are specific to each target sector—Food Manufacturing, Textile & Fashion, Retail, Printing, Furniture and Food Services. Through the cooperation of key industry experts and partners such as Trade Associations and Chambers (TACs), these projects are aimed at coming up and developing feasible and scalable solutions to productivity issues.
Even in this day and age of technology, many businesses are still run the traditional way and without the aid of current innovations. This results to lost opportunities of faster production and manufacturing, lost time and such. To further aid entrepreneurs who have undergone Singapore company incorporation, the Technology Adaptation Programme is launched for specific sectors namely, precision engineering, marine, aerospace and construction. The goal of the programme is to provide support to enterprises under the aforementioned sectors by providing technologically-advanced solutions to improve productivity and further increase business gains.
Meanwhile, the Productivity and Innovation Scheme has been enhanced. Eligible companies can get financial support for qualifying activities such as acquisition of Intellectual Property (IP) rights, automation of equipment, and registration for Trademark.
Supplying the basic tool of the trade not only helps production but also efficient use of manpower. These are instrumental in helping workers stay longer in the company which is necessary to survive and grow amidst cut-throat competition.
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