Debate on President’s speech: Edward Chia on unlocking the potential of SMEs
Small- and medium-sized enterprises (SMEs) contribute about 50 per cent of Singapore’s GDP and employ nearly 70 per cent of the workforce. They are also “the backbone of our ecosystem”, providing the networks and know-how that make Singapore attractive to global investors. Furthermore, they enrich livelihoods and sustain communities. So, strengthening SMEs is not just an economic imperative but a social one, said MP Edward Chia in parliament on Tuesday (Sep 23). He put forward several proposals. First, a "targeted restart grant" to support viable firms - especially in sectors like F&B, logistics, tourism and services - that continue to grapple with global supply chain disruptions and a subdued business outlook. This support should be conditional and tied to forward-looking transformation plans. Mr Chia also asked that SMEs, particularly those undergoing transformation, be given more breathing space when it comes to financing and for alternative financing models, like venture debt, to be expanded. SMEs should be actively encouraged to form consortiums and project joint ventures, he added. He also called for a more efficient regulatory system to save SMEs time and cost, as well as greater rent data transparency.
Small- and medium-sized enterprises (SMEs) contribute about 50 per cent of Singapore’s GDP and employ nearly 70 per cent of the workforce. They are also “the backbone of our ecosystem”, providing the networks and know-how that make Singapore attractive to global investors. Furthermore, they enrich livelihoods and sustain communities. So, strengthening SMEs is not just an economic imperative but a social one, said MP Edward Chia in parliament on Tuesday (Sep 23). He put forward several proposals. First, a "targeted restart grant" to support viable firms - especially in sectors like F&B, logistics, tourism and services - that continue to grapple with global supply chain disruptions and a subdued business outlook. This support should be conditional and tied to forward-looking transformation plans. Mr Chia also asked that SMEs, particularly those undergoing transformation, be given more breathing space when it comes to financing and for alternative financing models, like venture debt, to be expanded. SMEs should be actively encouraged to form consortiums and project joint ventures, he added. He also called for a more efficient regulatory system to save SMEs time and cost, as well as greater rent data transparency.
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