Singapore Government – Extending Support To SMEs
The Singapore government has announced new policies and initiatives advocating the growth the city-state’s small and medium enterprises (SMEs). Let us find out what the Ministry of Trade and Industry (MTI), SPRING Singapore, and International Enterprise Singapore have laid out to support the SME sector.
The government is focused on increasing the productivity of SMEs. Since SMEs comprise 50% of the economic output of Singapore, an increase in production will certainly be instrumental in generating more revenue, growing employment rate, and helping in the competitiveness of businesses.
Introduction of Assistance Programmes
Talent Programmes have been launched in order to encourage Polytechnic students to work for SMEs after graduation. This promotes internationalization but also help give SMEs a new direction. Along with the talent searches, providing the right education and support SME managers in order to prepare them to take a calculative risk that can improve and grow the respective businesses they work for.
Another step taken by the Singapore Government is to launch assistance programmes, mostly handled by SPRING Singapore, that advocates the betterment of small-scale industries. Moreover, the Enterprise Development Centre (EDC) that takes care the needs of enterprises and can be considered as the main centre for SMEs.
Sorting of Issues faced by SMEs
Small Sector Industries faced productivity and business issues which the Government is eager to solve with partnerships with the Trade Association and Chambers. This partnership will categorize sector-wise productivity issues, as well as fund the solutions to increasing business and innovative problems. These initiatives will be deployable and scalable to suit the size of the SMEs which will add the right guidance to the enterprise.
Employing Local Youth
7 out of 10 employees in Singapore are employed by small and medium enterprises. Simply put, SMEs hire at least 70% of all employees in the city-state. A focal point of the government’s initiatives for this year is empowering the Singaporean youth and connecting them with work opportunities after graduation. There have also been efforts to reduce the number of foreign workers to aid in boosting local employment which plays an important role in sustaining Singapore’s economic growth.
Support for in-market development
With the support of local enterprises and associate development programmes, the government seeks to aid SMEs with opportunities that the local market brings. Since many SMEs are unaware of the opportunities offered by the government, tie-ups or collaboration that may businesses achieve growth, this area can help SMEs can participate, and look for a suitable partner in the same area of expertise.
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