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Singapore Budget 2019 update: Policies for SMEs
As Singapore marks the bicentennial year of its founding, Finance Minister Heng Swee Keat reflected on the hurdles that the colonial port has managed to overcome.In the same spirit, he urged Singaporeans to confront today's challenges with grit and determination.
Last year, Mr Heng highlighted three major shifts that would impact people and businesses in the next decade.
They were:
- The shift of global economic weight to Asia.
- The emergence of new technologies meaning companies must harness robotics and digital technologies to survive.
- The growing ageing population in Singapore.
In 2019, he added one more to the list. This was the decline in support for globalisation, as some countries questioned its value.
Businesses have to deepen enterprise capabilities, worker capabilities and have strong partnerships within Singapore and beyond to flourish.
Here are some highlights from his speech that may impact SMEs in the coming years:
- Launch of Scale-up SG
- Innovation Agents Programme
- Co-Investment Programme injection
- Integration of financing schemes
- SME Working Capital Loan extension
- SMEs Go Digital
- Extension of Automation Support Package
- Career Support Programme
- Professional Conversion Programme
- Tighter foreign workers quota
- Foreign worker levy deferment for marine shipyard and process sectors
- Bicentennial community fund
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