Jamus Lim: Singapore must now foster an environment where SMEs are better positioned to succeed
Jamus Lim says Singapore must “foster an environment where SMEs are better positioned to succeed”, while recognising the continued role of MNCs and GLCs in the economy. This article ( Jamus Lim: Singapore must now foster an environment where SMEs are better positioned to succeed ) first appeared on The Independent Singapore News .
Singapore's parliament recently saw Workers' Party Member of Parliament Jamus Lim advocating for a shift towards fostering small and medium-sized enterprises (SMEs). In a social media post on September 1st, Lim highlighted the importance of SMEs in Singapore's economic future, stating that while multinational corporations (MNCs) and Government-Linked Companies (GLCs) remain vital, the country must now create an environment that enables SMEs to thrive.
Lim, who is also an Associate Professor of Economics at ESSEC Business School, argued that the high land and labor costs, as well as the wage gap between SMEs and MNCs, make it difficult for SMEs to compete and retain talent. He suggested several measures to support SMEs, such as expanding tax credits for research and development activities, offering grants to address the wage disparity, and easing requirements for internship programs like GRIT.
Additionally, Lim proposed loosening foreign hiring quotas for sectors where Singaporeans prefer not to work and managing rental rates more effectively. Lim emphasized that the Workers' Party does not oppose MNCs, but rather wishes to encourage a balance between large corporations and SMEs, enabling the latter to grow and develop their unique identities.
Written by urgent.news from The Independent Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
