Key features of the SG Budget 2019 that impact the business community
Satish Bakhda
Serial entrepreneur and investor in private equity, venture capital, roll ups, and asset-backed lending.
Budget 2019 focuses on broader economic transformation and enhance the enterprise transformation that is underway by thrusting on three main themes:
- Building Deep Enterprise Capabilities
Singapore has to up its ante and competitiveness by catalysing the growth of innovation driven enterprises. Amidst rapid technological transformation and disruptions, schemes like Scale-up SG programme, Innovation Agent Programme ,SME Co-Investment Fund (CIF) III, SME Working Capital Loan, Expansion of SMEs Go Digital Programme, Digital Service Lab, Automation Support Package (ASP) etc acknowledge the disparate needs of enterprises at diverse growth stages is essential to foster an inclusive enterprise growth and innovation.
- Building Deep Capabilities of Workers
Amidst tight labour market, companies are keen on retaining staff, provided, they are able to reskill and retrain them. With rapid technological disruptions, retraining has become even more critical. With the help of partial defrayment of the training costs and the wage support given by New Professional Conversion Programmes (PCP), Career Support Programme (CSP), Reduced Dependency Ratio Ceiling, Enterprise Development Grant (EDG), Productivity Solutions Grant (PSG) etc companies will find it easier to retrain workforce amidst economic headwinds and cost pressures.
- Building Deep Global Partnerships
Businesses will forge alliances and gain more synergies with schemes like Local Enterprise and Association Development Programme (LEAD), Framework for Secure Exchange of Electronic Trade Documents,New Centres of Innovation (COI) in Aquaculture and Energy, Global Ready Talent Programme (GRTP).
Read detail article: Singapore budget 2019.