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SINGAPORE: In parliament on Wednesday, concerns over rising costs for companies continue to be discussed during the Budget debate.
Some members noted that more can be done to help groom the services sector while others asked for checks against any abuse of innovation credits.
Productivity and upgrading were buzz words in the government budget announced last month.
The government is refocusing the economy with an emphasis on growing productivity, raising skills and reducing the reliance on foreign workers.
This has left small- and medium-sized enterprises wondering how to deal with increasing costs.
During the debate, ministers of parliament expressed concerns about how businesses can tap on the proposed funding for innovation and productivity.
They also noted problems that SMEs currently face.
Wee Siew Kim, Member Of Parliament, Ang Mo Kio GRC, said: “Justifications, paperwork, meetings bogged them down and wear them out. Many ask that middle management in the government would be more empowered. The government should consider means to simplify accessibility to initiatives, programmes and funding."
Some MPs suggested that management should take ownership for increasing productivity such as linking the KPIs of managers or CEOs to productivity gains.
Another idea was to provide incentives for companies to share their experience with others.
Some MPs hope that government and Temasek-linked companies will take the lead in forming alliances with smaller companies.
Nominated Member of Parliament Viswa Sadasivan, said: "I feel it is critical that Singapore's Temasek-linked companies or TLCs become the standard bearers for this initiative.
“I believe each of them can do more in proactively seeking out local SMEs to invest in, undertake joint projects with or partner when pitching for deals overseas.”
There was also a proposal that the government should develop a match-making framework to facilitate such partnerships and mergers through SPRING and IE Singapore. - CNA/vm
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