Small and medium enterprises (SMEs) in Singapore that are involved in upgrading projects last year will create about 16,000 new jobs here when the projects are fully completed in the next one or two years.
About 3,500 SMEs took part in this upgrading process supported by enterprise development agency, SPRING Singapore.
Projects that have been put in place include productivity improvements, product, process and technology innovations, service quality, branding and intellectual property management.
Many SMEs have responded since the government's Economic Strategies Committee recommended increasing SME productivity in order to raise real wages and stay competitive.
About 66 per cent of SMEs have taken steps to raise productivity, and two initiatives rolled out by SPRING has helped them to do so.
Many SMEs leveraged the resources and expertise in knowledge institutions suchas A*STAR's research institutes, polytechnics and universities.
They also viewed service excellence as a competitive advantage in securing higher customer loyalty and was helped by NTUC and SPRING to focus on raising service standards.
Under SPRING's Business Leadership Initiative launched in 2007, 252 SME leaders and managers were trained in various advanced management and executive delopment programmes in 2010 to upgrad capabilities and build a healthy talent pipeline for future growth.
Singapore's entrepreneurship landscape also became more virbrant and varied with budding and experienced entrepreneurs setting up new businesses.
New programmes to support SMEs this year are in the pipeline and SPRING has stated that it will continue to support SMEs in their upgrading efforts and help them grow.
- AsiaOne
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