More than 3,900 SMEs upgraded capabilities in 2011, creating more than 15,000 new jobs and generating value-added of $4.4 billion
Despite global economic slowdown and increasing uncertainty, and faced with the challenge of rising business costs and tight labour situation domestically, Singapore SMEs continued to upgrade their capabilities and improve productivity to stay competitive and tap opportunities in the global market.
In 2011, SPRING Singapore supported more than 3,900 SMEs through 3,800 upgrading projects. A total grant of $98 million was committed for these projects. The upgrading projects undertaken by SMEs covered a wide range of areas such as productivity improvement, technology innovation, service excellence, business leaders and human capital development, and business capabilities upgrading. The SMEs also came from a diverse range of industries in manufacturing and services. When fully implemented within the next three years, these SMEs are expected to create more than 15,000 new jobs and generate an additional $4.4 billion in value-add for the economy.
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