Channel NewsAsia

Government committed to helping SMEs: Teo Ser Luck

The Government is committed to providing strong support for small and medium enterprises as the economy restructures, said Minister of State for Trade and Industry Teo Ser Luck in Parliament.

SINGAPORE: The Government is committed to providing strong support for small and medium enterprises (SMEs) as the economy restructures, said Minister of State for Trade and Industry Teo Ser Luck in Parliament on Monday (May 26).

Mr Teo said the key is in helping SMEs upgrade their capabilities to position themselves for growth.

Outlining ways the Government could help SMEs, he said one area to focus on is in talent development.

Since the launch of the SME talent programme for apprenticeship and jobs last year, 400 students from polytechnics and Institutes of Technical Education have been matched to companies.

The students matched have been deployed to various sectors like the food and beverage industry, retail and manufacturing. The target is to match another 4,000 students to SMEs over the next five years.

Mr Teo said the Government will help SMEs prepare to recruit talents through grants and schemes that will help them revamp their HR practices.

Another method is to ride on Asia's growth to help SMEs, said Mr Teo. Enhancing economic linkages through initiatives like Free Trade Agreements is one such method in which the Government can help.

"Over the last half century, Singapore's economy has performed well, but this did not come by chance," said Mr Teo."We have consistently taken pro-active steps to ensure that our people and businesses are well-prepared for the future and we are still doing that.

"We have not shied away from making difficult decisions. We have maintained strong economic fundamentals, such as an open, business-friendly environment, good governance, sound infrastructure, a highly educated workforce, but most importantly a stable political climate and position in Singapore." 

Tweet Photos, Videos and Update on this Story to  #cna