A new centre to help small and medium enterprises (SME) upgrade and do better amid challenging economic conditions will be set up in Ang Mo Kio Community Centre, Prime Minister Lee Hsien Loong said on Saturday.
He also reassured SMEs that the Government is doing its utmost to help them upgrade and adapt to the new economy, and is mindful of the difficulties they are facing, such as tighter foreign worker policies.
"The last few years have been difficult for SMEs, because the economy is changing and getting foreign workers is hard," he said. "On the ground, we are reaching out to SMEs, understanding their needs, and helping them access Government schemes."
This comes alongside ongoing national measures such as productivity-raising funds and tax rebates. PM Lee was speaking at a bursary award ceremony in his Teck Ghee ward in Ang Mo Kio GRC, where he is also a Member of Parliament. He presented 493 students with bursary awards worth $93,000 in total.
Despite the challenges, many SME donors contributed to the Teck Ghee welfare fund which pays out these bursaries, PM Lee noted. Some $150,000 was raised at recent Seventh Month auction dinners.