SMEs invest for future as global economy stays volatile

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

Manufacturers banking on R&D to help them remain competitive

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'. Print Edition | Subscribe