Original article by Lynda Hong on ChannelNewsAsia.com
SINGAPORE: As the business environment changes, the government is looking to improve small and medium enterprises? (SMEs) access to money and markets, as well as to strengthen their capabilities.
This is its first holistic review since the last round of recommendations put forth by the Economic Strategies Committee in 2010.
Singapore?s economy may have slowed, with official forecast for GDP to grow between 1.5 and 2.5 per cent in 2012.
But SMEs, which collectively contribute to half of Singapore?s GDP and 70 per cent of employment, remain critical to Singapore?s economic growth.
Many SMEs operating in Singapore cite rising business costs and curbs on foreign labour as key challenges.
Benjamin Tan, director, T.C.E International, said: ?I own a Burmese clinic. So they have a lot of clientele from Myanmar. We have trouble finding people from there. Although they are very skilled and qualified, they have to go through a certain number of years in public hospitals. So we hope for case-by-case basis allowances, especially in the healthcare industry.?
Such feedback could help direct policies that help strengthen SMEs? capabilities.
This, as the business environment has changed after the Economic Strategies Committee made its recommendations on Singapore?s long-term economic transformation in 2010.
The SME review will consult and gather feedback from various industry stakeholders and businesses.
The SME review, which started in April this year, will also study the SME development models in other economies. Findings from the review will be shared at the next budget debate.
Led by Minister of State for Trade and Industry Teo Ser Luck, SPRING Singapore and International Enterprise (IE) Singapore will be undertaking this SME review.
?The mindset is to come up with policies that are more SME-centric. Come up with criteria requirements, come up with schemes where it?s SME-focused,? said Mr Teo.
The review will look into reaching out to micro and small enterprises as well as streamlining schemes and application processes for assistance programmes.
The authorities will also be exploring ways to help SMEs strengthen capabilities in innovation and branding and enter overseas markets.
For now, 30,000 out of some 165,000 registered SMEs in Singapore have applied for the Productivity and Innovative Credit scheme this year.
While the new Innovation and Capability Voucher (ICV) has seen 460 applications since it was launched in June.
Some 2,000 participants attended the 14th SME conference organised by the Singapore Chinese Chamber of Commerce & Industry.
- CNA/cc
Source: http://mybusinesstechblog.com/archives/blog/government-strengthen-smes-capabilities
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