3,900 SMEs in Singapore upgrade facilities to stay competitive

SINGAPORE, Jan 30 (Bernama) -- More than 3,900 small-and-medium enterprises (SMEs) in Singapore upgraded their capabilities in 2011, creating more than 15,000 new jobs and generating value-added of S$4.4 billion.

Despite the global economic slowdown and increasing uncertainty, and faced with the challenge of rising business costs and tight labour situation domestically, Singapore SMEs continued to upgrade their capabilities and improve productivity to stay competitive and tap opportunities in the global market.

In 2011, SPRING Singapore, the enterprise development agency responsible for helping Singapore enterprises grow, supported more than 3,900 SMEs through 3,800 upgrading projects.

A total grant of S$98 million was committed for these projects.

The upgrading projects undertaken by SMEs covered a wide range of areas such as productivity improvement, technology innovation, service excellence, business leaders and human capital development, and business capabilities upgrading.

SPRING Singapore chairman Philip Yeo said: "SPRING is committed to helping local companies adapt to the challenging economic landscape.

"In addition to the programmes already in place, we will be introducing new initiatives in 2012 to help SMEs increase productivity and upgrade their business capabilities.

"If our SMEs are able to transform their processes and strengthen their human capital, I am confident that they will be able to capture new growth opportunities regardless of the economic environment," he said when announcing the SPRING Singapore's focus for this year.

The SMEs came from a diverse range of industries in manufacturing and services.

SPRING works closely with the trade associations and chambers (TACs) to drive industry upgrading and growth.

Together with International Enterprise Singapore, it provides funding support through the Local Enterprise and Association Development (LEAD) programme to TACs so that the TACs can undertake projects and deliver programmes to upgrade their industries and enterprises, and help grow new markets.

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