SMEs invest for future as global economy stays volatile

Manufacturers banking on R&D to help them remain competitive

Home-grown fragrance manufacturer Senses International has adopted new technology and machinery to reduce menial tasks at the factory and increase its production capacity.
Home-grown fragrance manufacturer Senses International has adopted new technology and machinery to reduce menial tasks at the factory and increase its production capacity.ST PHOTO: ARIFFIN JAMAR

It has been a turbulent 2019 for Singapore's manufacturers as the uncertain global economy dampened prospects, especially among small and medium-sized enterprises (SMEs).

While factory output plunged 9.3 per cent year on year in November, some firms took the opportunity to invest in research and development (R&D), and plan to build on these foundations this year.

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A version of this article appeared in the print edition of The Straits Times on January 02, 2020, with the headline 'SMEs invest for future as global economy stays volatile'. Subscribe