Singapore to help firms seize opportunities abroad

Singaporean Minister for Trade and Industry Chan Chun Sing (Photo: Internet)

Singapore (VNA) – Singaporean Minister for Trade and Industry Chan Chun Sing outlined five measures in which the government will help firms seize opportunities abroad, while addressing the parliament on March 3. 

According to him, Singapore now has 25 free trade agreements with economies worldwide, accounting for 85 percent of the world’s gross domestic product and providing access to billions of consumers abroad.

He said the Government will extend the enhanced support under the Market Readiness Assistance scheme for another three years till March 31, 2023. The grant cap will be raised to 100,000 SGD (71,900 USD) per new market, per company during the period.

Second, the Double Tax Deduction Scheme for Internationalisation will be extended for another five years till Dec 31, 2025.

Third, the Grow Digital initiative will be launched to help small- and medium-sized enterprises grow their business overseas via digital channels to reach new customers.

Fourth, the government will work with the Singapore Business Federation to launch GlobalConnect @ SBF, an international advisory centre that provides market access support to companies new to internationalisation, in April. 

Fifth, greater support will be given to young Singaporean graduates under the Global Ready Talent programme to take on work opportunities abroad, particularly in Southeast Asia, China or India./.