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SMEs to get S$300m boost over next three years

The Government will invest S$300 million in small and medium enterprises (SMEs) over the next three years to help the businesses restructure and seize growth opportunities locally and abroad.

UBS has hired 88 client advisers in Asia-Pacific and they are mostly based in Hong Kong and Singapore. TODAY FILE PHOTO

UBS has hired 88 client advisers in Asia-Pacific and they are mostly based in Hong Kong and Singapore. TODAY FILE PHOTO

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The Government will invest S$300 million in small and medium enterprises (SMEs) over the next three years to help the businesses restructure and seize growth opportunities locally and abroad.

This is over and beyond the S$1 billion already committed from the S$2-billion National Productivity Fund to support a wide range of productivity programmes, most of which were targeted at SMEs.

The S$300 million will be used for various schemes such as the SME Talent Programme and the Market Readiness Assistance. The former, started in 2011, helps SMEs recruit local talent from polytechnics and Institutes of Technical Education. The latter was launched by International Enterprise Singapore and helps local firms new to internationalisation expand overseas.

Separately, the Monetary Authority of Singapore will build on the strengths of the Republic’s diverse financial ecosystem and promote new capabilities and initiatives, such as fostering greater use of technology and innovation in financial services, developing an offshore yuan hub, as well as enhancing trade, infrastructure and SME financing.

In terms of infrastructure, the Government will continue to upgrade the Republic’s port and airport. Pasir Panjang Terminal will be expanded and Tuas Terminal will be developed to grow Singapore’s maritime sectors.

Efforts will also be stepped up to attract and anchor ship owners and operators, as well as broaden and deepen the range of supporting maritime services here. Xue Jianyue

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