File Image: IOL
File Image: IOL

Singapore plans to help SMEs recover

By Shifaan Ryklief Time of article published Mar 4, 2021

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CAPE TOWN - The government of Singapore has vowed to help small to medium-sized enterprises (SMEs) recover from the negative effects of the Covid-19 pandemic and grow stronger.

During the Ministry of Communications and Information Committee of Supply debate on Tuesday, Minister of State for Trade and Industry Low Yen Ling said these businesses could turn to specialist advisers at existing SME centres for financial advice and digitalisation.

“We urge SMEs to take the advice and resources available at our 11 SME centres,” said Low.

“We want to help SMEs to build up their capabilities and workforce so that they can raise productivity and skill up their business,” she said.

Low added that the recovery of small business formed part of Singapore’s recovery plan and more collaboration was needed between SMEs and trade associations and chambers (TACs).

According to Channel News Asia (CNA), a 24-hour news channel based in Singapore, SMEs contribute to 72% of employment in Singapore.

Various other initiatives include funding for companies who are looking to improve their digital services, access to expert advice on innovation and a web application that will recommend solutions based on SME profiles.

“A big part of our ecosystem strategy is strengthening the partnerships between large and small companies. We must embrace this approach,” said Dr Tan See Leng, second minister for Trade and Industry.

“Our competition is not with one another here, it’s with the world. So, individually, even our largest companies are modest by international standards.

“But collectively, we can win as team Singapore,” he said.

With the digitalisation drive, officials said there will also be a focus on data privacy and the usage of data for growth and innovation.

– African News Agency (ANA)

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