SG Budget 2024 reflections: A boost for Singaporean locals and enterprises to race with giants & transform our economy

Reflected on the 22-page #SGBudget2024 booklet (https://www.mof.gov.sg/.../fy2024_budget_booklet_english.pdf ) this weekend and I was particularly pleased with the increased government support for partnerships between multinational enterprises and local SMEs. This support is crucial for enabling SMEs to raise their standards, race with larger global players, and in doing so, accelerate the transformation of our economy.

Three additional thoughts came to mind today -

1. MNEs themselves are evolving; they're becoming more sustainable, digitally focused, and resilient. Despite their size, they cannot achieve all their goals alone and are actively seeking SME partners in their markets to help advance their agendas.

This mirrors Singapore's successful 'Queen Bee' strategy, which has significantly attracted foreign direct investments. A key difference now is that these strategic partnerships allow SMEs not just to offer a low-cost proposition but to command a premium. This evolution offers local enterprises a pathway to become MNEs themselves. Additionally, these partnerships provide a platform for local talents to make an impact globally, essentially leveraging the strength of these commercial giants. For SME executives and the next generation of business leaders, Singapore Management University has introduced the Enterprise Leadership for Transformation program in partnership with Enterprise Singapore and UOB. I have had the privilege of teaching the Brand Transformation module and have been enriched by the insights from various cohorts of SME leaders and industry guest speakers shared during classes. Explore the SMU Academy ELT program here: https://academy.smu.edu.sg/enterpriseleadership

2. The formation of these partnerships across firms, industries, and between the public and private sectors does not occur automatically.

SGTech , Singapore's leading technology industry body, has proposed a comprehensive set of Budget 2024 recommendations aimed at fostering closer collaboration among private sector players, individual members, and the government, thereby enhancing the sector collectively. In Singapore, our collective achievements have always surpassed our individual efforts. This is why I am happy to serve on the executive committee of SG Tech's Digital Transformation chapter and contribute to these efforts alongside my colleagues. Read SG Tech's Budget Recommendations here: https://sgtech.io/.../SGTech-Recommendations-for-Budget ...

3. While I may not be a software coder, my work in public affairs brings meaning to the codes written by others, growing our coder pool by providing local non-IT talents with opportunities for conversion, and levelling-up the proverbial codes that enterprises run their operations and business model on.

This purpose involves challenging the narratives that promote 'free lunch' economic policies and the misconception that 'deflation is good' or that 'Singapore's best days are behind us.' Instead, I believe that we must continue to ensure Singapore remains relevant and attractive globally, grow our economy, and translate this growth into tangible societal benefits by spreading the fruits and tools of growth widely among Singaporeans eager to help build our shared future together. This is as much the job of brand and business builders, as it is for policy makers. Through Tech Career Conversion programs like Step IT Up, my colleagues and I at our tech services start-up Temus are expanding opportunities for Singaporean locals to join the tech workforce and help elevate Singapore-based enterprises in the digital future. These company-led programs, supported by IMDA , Digital Industry Singapore (DISG) , and others, will complement Singapore's broader human capital development and SkillsFuture push. Learn more about Step IT Up Singapore here: https://stepitup.temus.com

Building Singapore into a home, office, and playground of limitless potential for Singaporeans and their families is an ongoing journey. A year ago, CNA spoke with Melissa Lorraine Chua , who was not previously in IT but aspired to become a coder. Through Temus' tech career conversion program, her aspirations were realized. Today, Melissa is contributing to building ambitious digital platforms for some of Singapore's most prominent enterprises.

We may be starting quite modestly, but as my CEO KC Yeoh said previously, "Momentum is building at Temus". I believe programs like this symbolize what is necessary to create a shared future: partnerships across private, public, and people sectors, investing in a common vision, building momentum and working hard for the tomorrow we want for our children. Watch Melissa's journey in her CNA interview here: https://www.youtube.com/watch?app=desktop&v=kD_jsSNbdeE

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