Public-private tie-up to get feedback and raise awareness of aid schemes
By Yasmine Yahya And Mok Fei Fei, The Straits Times, 4 Sep 2013
NEW firepower is being added to efforts to help the nation's vast number of small and medium-sized enterprises (SMEs) through these challenging times.
Numerous programmes have been launched to help SMEs adapt to the restructuring economy, but many still feel the pain of rising costs and a tight labour market.
To bolster the drive to help the 170,300 SMEs here, the Government has rallied together a work group made up of both the public and private sectors.
The key goals are to raise awareness of the various existing programmes, monitor their implementation - and perhaps come up with new ways to help SMEs.
Led by Minister of State for Trade and Industry Teo Ser Luck, the SME Workgroup includes 16 other Members of Parliament, seven representatives of business chambers and trade associations, and five business leaders.
Eleven government ministries and agencies, such as the Ministry of Manpower and JTC Corporation, are also involved.
It is a big group, for a big cause. SMEs employ more than 70 per cent of the workforce, contribute over half of gross domestic product and make up 99 per cent of all firms here, noted Mr Teo at a media conference yesterday.
"We realise that at this juncture, as we transform the economy, the SME sector is facing quite a challenging time. We want to widen and deepen our outreach with the whole SME sector, understand their challenges," he said.
"So through the engagement process and feedback that we get, we'll look at the policies and schemes, review them and even revise them in order to help the SMEs as they make changes to their business models, strengthen themselves and increase their productivity."
Although the Government has many schemes to help SMEs, Mr Teo noted that many are still not aware of them, while others have complained that the schemes are too complex.
The work group will be divided into two. An advisory sub-committee, comprising the MPs, will hold dialogues with SME leaders to raise awareness of government assistance programmes and engage with them.
The work group will be divided into two. An advisory sub-committee, comprising the MPs, will hold dialogues with SME leaders to raise awareness of government assistance programmes and engage with them.
The business and government sub-committee, which includes all other members, will monitor the implementation of government schemes and ensure their continued relevance to SMEs.
MP for East Coast GRC, Ms Jessica Tan, who is in the advisory sub-committee, said the inclusion of various voices in the work group will hopefully lead to the creation of new assistance programmes for SMEs.
"The important thing is to ensure that we work together with the business associations, the various agencies in government as well as the businesses on the ground to... ensure impact for SMEs."
Among the business representatives in the work group is Nanyang Optical chairman Yang Wah Kiang, who hopes to contribute by being the voice of retail SMEs facing worker shortages and rising business costs.
"As SMEs, we have to constantly review our plans and look at innovation as we face a lot of challenges today, but this government initiative to engage with us is a good step."
The work group has its work cut out for it. SME bosses who spoke to The Straits Times voiced a variety of issues that they hoped would be addressed by the group.
BooksActually owner Kenny Leck, for one, hopes the work group will boost assistance for micro-SMEs. "There are a lot of really, really small SMEs here, with fewer than 10 employees. Funds and grants should also be made available to such small firms."
EXPANDING OUTREACH
We realise that at this juncture, as we transform the economy, the SME sector is facing quite a challenging time. We want to widen and deepen our outreach with the whole SME sector, understand their challenges. So through the engagement process and feedback that we get, we'll look at the policies and schemes, review them and even revise them in order to help the SMEs as they make changes to their business models, strengthen themselves and increase their productivity."
- Minister of State for Trade and Industry, Mr Teo Ser Luck
Awareness lacking among SMEs about help available, says Teo Ser Luck
By Chia Yan Min, The Straits Times, 27 Aug 2013
The takeup rate among food manufacturers here for one of government's productivity enhancement schemes - the Innovation and Capability Voucher - is only 10 per cent.
The takeup rate among food manufacturers here for one of government's productivity enhancement schemes - the Innovation and Capability Voucher - is only 10 per cent.
Minister of State for Trade and Industry Teo Ser Luck said a lack of awareness about existing schemes is one of the issues the government's new small and medium sized enterprise (SME) work group will look into.
The committee, to be chaired by Mr Teo, will also engage SMEs directly to find out more about the challenges they are facing.
It will be made up of representatives from industry, various government agencies and unions, among others.
More details about the work group, which was announced at the Prime Minister's National Day Rally on Aug 18, will be released next week.