Updated: 05/27/2014 02:51

Govt will do all it can to help SMEs: Teo Ser Luck

Govt will do all it can to help SMEs: Teo Ser Luck

Minister of State for Trade and Industry Teo Ser Luck stressed that the government will do all it can to help small and medium sized enterprises or SMEs. 

Speaking in Parliament, he reiterated the various measures, grants and schemes put in place by the government to aid business growth. 

Mr Teo says the government understands the problems that SMEs face, such as rising business costs, manpower constraints and talent shortage. 

And that's why much has been done in the area of research and development, encouraging growth in start-ups and facilitating collaboration between SMEs and large organisations. 

That's so that SMEs can learn and gain experience from their larger counterparts to improve operational efficiency and productivity. 

On talent shortage, Mr Teo says that the government will help SMEs match suitable graduates under the SME Talent Programme. 

But he adds that SMEs need to also do their part to offer rewarding pay packages and career paths. 

They should also venture overseas. 

"Given the small size of our domestic economy, businesses in Sinapore need to serve not just Singapore but the world and SMEs should ride on the growth of Asia as well as the continued recovery in the US and Europe to seize growth and opportunities. We will continue to enhance international economic linkages and improve our trade infrastructure. And ongoing negotiations of the regional FTA such as the TPP - Trans Pacific Partnership as well as with individual countries such asTurkey will further enhance our trade positions and help our businesses." 

Singapore currently has 21 free-trade agreements between countries including the US and Japan.

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