| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE: Business leaders have expressed concern about the short time frame given to adapt to changes announced in the recent government budget speech.
Some of these include higher foreign worker levies and the refocusing on certain sectors of the economy.
At a post budget round-table event on Monday, the panelists also noted that continuing education for workers was essential.
They hope that the government can help SMEs in their financing for intellectual property and patent development.
The Singapore parliament will kick off debate on Tuesday on the government's budget for 2010.
Key among the issues to be discussed are plans to raise productivity growth and reduce the country's reliance on foreign workers.
At the round-table, business leaders said they are concerned about the phasing out of the Industrial Building Allowance.
Chia Nam Toon, chief financial officer, Ascendas Group, said: “We were particularly concerned about the IBA rules phasing out. A lot of the countries in this region use IBA as a key tool to drive competitiveness of the companies.
“I would like to see that continue and if possible even enhance the land intensification allowance. Probably it's a different form and some of the participants have alluded that it should not be so restrictive to the nine sectors. “
And there are also worries that the refocusing on certain sectors for development will leave others behind.
For small- and medium-sized enterprises, a few items were seen as lacking in the 2010 budget.
Some call for the development of an export-import bank to help companies with financing from overseas.
There were others who said companies will need some help to develop their own intellectual property and patents.
Susan Chong, chief executive officer, Greenpac, said: “We're not asking for a grant but if we could see something like the jobs credit scheme or if the government could come in and give certain guarantees so that we can get some funding from the banks or certain resources, we can continue on the process of acquiring intellectual property.”
Some of these items are expected to be discussed in the budget debate.
- CNA/vm
|
