The Association of Small and Medium Enterprises (ASME) has a new president.

Mr Kurt Wee, who has been its vice-president since 2004, was voted into the top role on Tuesday after incumbent chief Chan Chong Beng stepped down to focus on his business.

Mr Wee is a 39-year-old private equity investment manager who has been involved with ASME for 11 years.

He is taking over the reins at a crucial period for ASME and the local business community, which is grappling with an ever-toughening business environment marked by rising costs and a tight labour market.

"There's an urgent need for SMEs to make a knowledge, process or technology leap in their businesses and we hope to encourage SMEs to embark on research and development and training," he said.