Committee of Supply 2026 debate, Day 3: Edward Chia on family businesses and SME renewal
Small- and medium-sized enterprises (SMEs) employ seven out of 10 workers in Singapore and form the backbone of Singapore’s economy. In supporting transformation, the government must recognise that many SMEs are family-run businesses facing generational succession and ownership transitions. This is not only a governance issue, it is an economic and cultural one. By integrating succession support into SME transformation policies, Singapore can strengthen long-term enterprise resilience while retaining the cultural and social value that these businesses contribute. MP Edward Chia said this in parliament on Monday (Mar 2).
Small- and medium-sized enterprises (SMEs) employ seven out of 10 workers in Singapore and form the backbone of Singapore’s economy. In supporting transformation, the government must recognise that many SMEs are family-run businesses facing generational succession and ownership transitions. This is not only a governance issue, it is an economic and cultural one. By integrating succession support into SME transformation policies, Singapore can strengthen long-term enterprise resilience while retaining the cultural and social value that these businesses contribute. MP Edward Chia said this in parliament on Monday (Mar 2).
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