SINGAPORE - SPRING Singapore projects last year will add $8 billion to the economy and create 22,000 jobs when fully implemented, the enterprise development agency said in its 2014 review on Friday (Feb 6).

SPRING also said it has reached out to some 160,000 small and medium enterprises (SMEs) last year and supported around 9,000 of them in productivity enhancement projects.

Among the initiatives rolled out last year to help businesses innovate and grow was the Innovation and Capability Voucher scheme, which defrays the cost of small productivity projects. This was tapped by over 7,000 SMEs.

More than 600 applicants and interns were matched with SMEs via the SME Talent Programme last year, SPRING added. The STP was launched by the agency in 2013 as a talent matching platform aimed at helping SMEs recruit manpower amid Singapore's labour crunch.

SPRING also added two more SME Centres in 2014, pushing the number of the SME advisory hubs across the nation to 12.

Agency chief executive Mr Tan Kai Hoe noted that as Singapore's restructuring journey continues against the uncertain economic landscape this year, SPRING looks to remain committed to its role and help companies enhance their competitive edge.