In the 2021 Budget Statement, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced measures to enable firms and workers transform and emerge stronger from the pandemic.
Over the next three years, $24 billion will be set aside for this. He outlined three enablers in this effort:
1) Growing a vibrant business community
To ensure a business community with a strong spirit of innovation and enterprise that’s well-connected to the rest of the world, there is a need to restore Singapore’s physical connectivity. Hence, support will be set aside to transform the aviation sector for recovery. In addition, Singapore’s digital connectivity will also need to be expanded and our capacity for collaboration and innovation increased.
This will be done through the following ways:
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Positioning the aviation sector for recovery
Creating platforms for creative ideas
Deepening global and Southeast Asia partnerships
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2) Catalysing a wide range of capital
Secondly, a wide range of capital will be catalysed to co-fund and enable businesses to innovate, transform and scale.
This will be done through the following ways:
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Venture debt for high-growth enterprises
Co-funding transformation of mature enterprises
Equity investments in large local enterprises
Transformation of value chains – Growth and Transformation Scheme
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3) Creating opportunities and redesigning jobs
Developing the skills, talent and creativity of Singaporeans is the last key enabler in supporting businesses. For more on the support for workers in this area, click here.
For
more on Budget 2021, visit www.singaporebudget.gov.sg