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Singapore Budget 2014: Increased aid for companies expanding abroad

Published on Feb 21, 2014 4:34 PM
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One Raffles Quay and other office towers in the Singapore Central Business District on Shenton Way. The Government will introduce "targeted enhancements" to help local companies expand into overseas markets, said Mr Tharman. -- ST FILE PHOTO: ALPHONSUS CHERN

The Government will introduce "targeted enhancements" to help local companies expand into overseas markets, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam.

First, it will allow companies to borrow more money from the Internationalisation Finance Scheme, which provides loans to companies expanding abroad. The maximum loan quantum under the programme will rise from the current $15 million to $30 million.

The programme is now expected to disburse up to $500 million in loans over the next two years for companies pursuing internationalisation, said Mr Tharman in his Budget speech in Parliament on Friday.

In addition, the Government will enhance the Global Company Partnership Programme. It will raise the support level for pilot and test-bedding projects from 50 per cent to 70 per cent, to help companies to develop new products to break into overseas markets and to establish track records.

The Government will also expand the scope of support for staff attachments overseas.

Mr Tharman said about 200 companies should benefit from these measures over the next two years.

For more news and analysis on Singapore Budget 2014, click here for ST's Big Story coverage.