13,000 new jobs

A STARTLING 13,000 new jobs, and $4.5 billion worth of extra value to Singapore's economy.

That is the broad extent of help given by productivity agency Spring Singapore to small and medium-sized enterprises (SMEs) amid last year's recession.

As the downturn took its toll on SMEs, a growing number turned to Spring for help in the form of loans, grants and other assistance, said its chief executive Png Cheong Boon yesterday. Take, for example, Yang Kee Logistics, which will create about 100 jobs, thanks in part to assistance from Spring.

Mr Png was speaking at a ground-breaking ceremony for Yang Kee's new chemical hub, which the company is building with the help of a loan from Spring. The firm declined to disclose the amount.

The new hub on Jurong Pier Road will centralise the operations of the company's six warehouses in Singapore. This, according to managing director Koh Yang Kee, will reduce its operating costs by 10 per cent to 15 per cent.

The project is in two phases. The first phase, scheduled for completion by the second quarter of next year, will come up to about $45 million. Another $45 million is estimated for the second phase, which is expected to be completed in 2012.

- The Straits Times