Budget 2023 debate: Don Wee on helping SMEs grow and expand

Small- and medium-sized enterprises (SMEs) play a crucial role in the economy and need supportive measures to ensure that they can grow in an increasingly competitive business environment, said MP Don Wee. Speaking in Parliament on Thursday (Feb 23), he called for more assistance for SMEs which are applying for Government subsidies or grants because some struggle to understand suitable solutions for their business needs and complicated application procedures. Sometimes, the application process takes too long and they may not receive the subsidies in time to meet their operational needs, he said. He also urged the Government to boost financial support for chambers of commerce and business associations to better assist SMEs. Government agencies and Government-linked companies should support SMEs by providing more business to them. For example, the Government can divide big projects into smaller contracts, allowing SMEs to compete with one another to undertake such projects. Mr Wee said local companies should develop an ecosystem comprising SMEs and local large companies to market their products and services as a team to multinational companies or when expanding to overseas markets. Within this local network, companies can share information on customers, other companies, industries and economies, as well as services, he said.