Better Support for SME and Startups

Cuts by Mr Henry Kwek during Ministry of Finance (MOF) Committee of Supply debate 2020  

Better Support for SME and Startups

1. The Singapore government is at the global forefront of public policy formulation and implementation. It is also one of the largest procurer of goods and services.
2. Naturally, it constitutes an important demonstration platform and springboards for many companies, especially for SMEs and start-ups, that want to deliver innovative solutions for Singapore and beyond.
3. This is especially so for smart city, climate change, and e-services.
4. Can MOF share on how how we can enhance the Government procurement approach to enable SMEs and start-ups to develop innovative solutions, and in doing so also help them to grow?
5. This is especially so as it is imperative to grow new companies in the next stage of our economic development.
6. Can MOF also share on how we inform companies of such efforts?

MOF:  Co-creating solutions with Businesses

1. As the needs of our society gets more diverse and complex, it is inevitable that more regulations are needed to safeguards Singaporeans in many different ways.
2. At the same time, more regulations mean more processes, and greater compliance cost.
3. This represents added cost, and potential lost productivity to businesses. I have spoke on this issue on a number of occasions in the past.
4. I am heartened that over the years, the government recognize this issue, and formed the Pro-Enterprise Committee, and achieve positive results in cutting red-tape. But this is a never-ending marathon.
5. Can MOF share on how, as part of the Singapore Together movement, MOF and the larger government can partner with businesses on co-creating solutions to reduce compliance costs and streamline processes for greater productivity?

Watch the speech here

Watch the response here