Singapore sets up new workgroup to assist SMEs

Singapore government has set up a new workgroup to lead and coordinate efforts to assist small and medium enterprises (SMEs) amid their process of restructuring and raising productivity, the city-state's Ministry of Trade and Industry (MTI) said Tuesday. The SME workgroup consists 17 Members of Parliament, 12 representatives from the business sector and 11 government agencies and is led by Minister of State for Trade and Industry Teo Ser Luck. The MTI said the work group will focus on their main areas. It will oversee the implementation of the various government programs and schemes related to SMEs, aiming to "ensure that the various schemes remain accessible and remain relevant to SMEs' needs." The SME workgroup will also gather feedback from local business community about the schemes. The Members of Parliament, representing the advisors of the workgroup, will "help to raise awareness of the wide range of schemes and resources available to SMEs." Finally, the workgroup will also identify gaps and make recommendations to improve existing policies related to SMEs based on the feedback received. The inaugural meeting of this workgroup is scheduled for mid- September.