PACT takeup rate encouraging
An initiative to give smaller companies a headstart to evolve into next generation global enterprises has seen encouraging response.
Minister of State for Trade and Inustry, Teo Ser Luck, told Parliament that 40 large companies have signed up for the Partnership for Capability Transformation or PACT programme over the last year for more than 50 projects.
Another 70 is in the pipeline.
PACT was introduced in 2010 with a budget of $250 million to incentivise large companies to work with smaller companies to raise the latter's capabilities, and enable them to become preferred suppliers.
The programme was further expanded last year, with an additional $60 million over three years set aside for SPRING to engage companies beyond manufacturing sectors, and support co-innovation between large and small businesses.
Mr Teo says the ongoing PACT projects are expected to benefit more than 300 smaller companies.
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