Latest news with #BusinessAdaptationGrant
Straits Times
4 days ago
- Business
- Straits Times
Singapore businesses to get boost in Malaysia forays under pact
Find out what's new on ST website and app. The MOU signed between SCCCI and Maybank Singapore was witnessed by (back, from left) Mr Kho Choon Keng, SCCCI President; Ms Gan Siow Huang, Minister of State for Foreign Affairs and Trade and Industry; and Mr Chong Wee Yeat, Head of Global Banking, Maybank Singapore. SINGAPORE – Businesses in Singapore will benefit from workshops, faster opening of bank accounts and more under a pact aimed at boosting cross-border collaborations with an eye on the Johor-Singapore Special Economic Zone. The memorandum of understanding inked on July 17 between Maybank, Malaysia's largest lender by assets, and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) is also looking to tap opportunities across South-east Asia. The region is projected to become the world's fourth-largest economy by 2030, with a combined gross domestic product of US$4.5 trillion (S$5.8 trillion). SCCCI and Maybank said they will hold meetings, workshops and networking events to promote development, investment and trade, with a focus on the Johor-Singapore Special Economic Zone. Maybank will provide tailored solutions for businesses, including the faster onboarding of accounts. It will also support programmes on topics like sustainability and syariah-compliant investments. 'This collaboration not only demonstrates a long-term commitment to Singapore businesses, but also marks a more active role for both parties in the new regional development landscape,' said Mr Chong Wee Yeat, head of global banking at Maybank Singapore. Mr Kho Choon Keng, president of SCCCI, which has 5,000 corporate members and over 150 trade association members, said the agreement will help businesses expand into international markets with confidence and efficiency. 'Singapore has understood the importance of international opportunities since its founding. Today, in this uncertain environment, we should continue to open our minds and broaden our horizons to international development,' he said. Minister of State for Trade and Industry Gan Siow Huang, who witnessed the signing of the pact at the SCCCI building in Hill Street, said the Government will continue to support businesses that are dealing with an uncertain external environment. She pointed to the Business Adaptation Grant, which was announced by the Singapore Economic Resilience Taskforce last week. The grant, which is meant to help businesses adjust to a new tariff landscape, will be launched by October. It will be capped at $100,000 per company and require co-funding. The Johor-Singapore Special Economic Zone is expected to create 20,000 skilled jobs for people on both sides of the Causeway. The zone for business and investment in Malaysia covers the Iskandar Development Region. It is already expected to draw investments from Singapore-based clients of Maybank.
Business Times
6 days ago
- Business
- Business Times
Singapore's new grant signals the need to adapt to tariffs, not just ride them out
[SINGAPORE] Announced in April, suspended till July, then postponed to August, with sectoral variations on the way – the rollercoaster of US President Donald Trump's tariff threats hurtles onward, with no clear end in sight. Even as talks continue over so-called 'reciprocal tariffs' and sector-specific ones, countries and companies are prepared for an inescapably changed trade landscape. If nothing else, the US shows no intention of lifting the global 10 per cent tariff that it has imposed unilaterally. This dual stance of negotiation and preparation was clear in last Thursday's (Jul 10) press conference by the Singapore Economic Resilience Taskforce, set up in April in response to Trump's tariffs. Deputy Prime Minister Gan Kim Yong is heading to the US later this month for trade talks, with a focus on the Republic's pharmaceutical exports. In the meantime, a grant for tariff-affected businesses is in the works. To be launched by October this year, the aim is not to provide relief. Rather, it is to support businesses to 'adapt to the new tariff environment', as stated in a media release. The grant's long-term orientation reinforces a warning that political leaders have repeatedly made: The world has changed. Trump's tariff crisis is not just a passing bout of turbulence that companies can ride out, but part of a more fundamental shift in global dynamics. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meanwhile, the grant's focus on adapting – with its very name being the Business Adaptation Grant – underlines the need for companies to not simply buckle in for a rough ride, but actively change in pursuit of better prospects. Businesses that export or have overseas operations, and are affected by tariffs, can tap the grant for advisory in free trade agreements and trade compliance; legal and contractual issues; and supply chain optimisation and market diversification. Meanwhile, manufacturers can get support for 'reconfiguration costs', such as costs associated with logistics and holding inventory. Not small change The grant will provide co-funding of up to S$100,000. While the sum may seem modest to some, it is far from negligible for small and medium enterprises (SMEs) – arguably its target audience. Indeed, the grant allocation will be 'more generous' for SMEs, as Manpower Minister Tan See Leng noted at the taskforce press conference. Beyond the practical aim of providing support, the grant may also play a persuasive role. First, the grant is being introduced in October and will be valid for two years. This two-year window is to provide 'some form of reassurance for businesses that, should there be a protracted period of negotiations, it would cover that length', said Dr Tan. But it also suggests, therefore, that the government sees a risk that negotiations might take that long – implying two years of tariff uncertainty. Secondly, the very fact that a grant is being introduced should suggest – not least to SMEs – the importance that the government places on such action. Granted, other government schemes have been underutilised before, such as SkillsFuture credits for individuals to get trained. The government's sense of urgency may not always be shared by the intended audience. But if nothing else, the specificity of this grant should dispel any lingering illusions that companies can simply wait passively for the tariff storm to pass. Larger companies, that can afford their own risk and compliance teams, have undoubtedly been making their own calculations about how to respond to the trade environment. The upcoming grant is a clear push for SMEs, too, to take action.
Independent Singapore
11-07-2025
- Business
- Independent Singapore
Singapore businesses to receive up to S$100,000 grant in October as they face a new tariff environment; SMEs to get ‘more generous' support
Photo: Depositphotos/realinemedia SINGAPORE: Singapore businesses, including small and medium enterprises (SMEs), will be eligible to receive up to S$100,000 per company under the Business Adaptation Grant by October 2025. The grant is to help them for a time-bound period of two years as they adapt to tariff-related challenges. This was stated in a joint press release by the Ministry of Trade and Industry, Singapore Business Federation, National Trades Union Congress, and Singapore National Employers Federation on Thursday (July 10), citing an update from the Singapore Economic Resilience Taskforce (SERT). The press release said the grant will help businesses that export to or operate in overseas markets 'conduct free trade agreements and trade compliance advisory, legal and contractual advisory', as well as 'supply chain optimisation and market diversification advisory'. Enterprises with local or overseas manufacturing operations may also receive support for reconfiguration expenses, such as logistics and inventory holding costs. In May, the Association of Small and Medium Enterprises (ASME) said that businesses would go on 'life-saving and life-support mode' once the pause on tariffs announced by US President Donald Trump came to an end. While interest rates have slightly dropped, many remain reluctant to apply for loans or working capital. According to Bernama , Manpower Minister Tan See Leng said that the government would 'be more generous' to SMEs than to larger firms, as they account for about two-thirds of Singapore's workforce. In terms of support for workers, the government and NTUC-e2i will provide more career guidance services amid economic uncertainty. To help employers better support their staff, temporary enhanced funding will also be introduced for basic HR certification for HR professionals. For fresh graduates entering the workforce this June, Minister Tan shared that the public service has about 2,400 immediate vacancies available. Graduates can find out more through the Careers@Gov job portal , social media channels, or at an upcoming public service career fair in August. 'Vacancies for entry-level jobs have remained steady and opportunities remain available,' he noted. Meanwhile, Bernama reported that Deputy Prime Minister Gan Kim Yong, who is also the Minister for Trade and Industry, said the latest round of tariffs announced by the United States will likely prolong global uncertainty and economic challenges. See also IP fund: What about the risks? He will travel to the US later this month to discuss potential concessions on pharmaceutical tariffs. He also noted that talks on semiconductors will probably follow once progress has been made in pharmaceutical discussions. /TISG Read also: RHB economist: Infrastructure investment, port upgrades, and digitalisation key to keeping Singapore's trade hub status as businesses reroute amid trade volatility Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Mint
10-07-2025
- Business
- Mint
Indian enterprises in Singapore set to ride on biz adaptation grant to counter US tariff impact
Singapore, Jul 10 (PTI The Singapore Indian Chamber of Commerce and Industry has welcomed the government's timely introduction of the Business Adaptation Grant to help local entrepreneurs navigate and adjust to the evolving cross-border tax landscape, especially impacted by the US trade tariffs. "This grant is available to all local businesses, especially Small and Medium Enterprises (SMEs)," the business chamber said. The Singapore government will launch a Business Adaptation Grant in October to help companies in the city-state adapt to the new US tariff environment, the Singapore Economic Resilience Taskforce (SERT) announced on Thursday. The grant will be capped at SGD 1,00,000 (USD 78,000) per company, said Minister for Manpower Tan See Leng. While Singapore has not received a letter, neighbouring countries such as Malaysia and Indonesia will face tariffs of 25 per cent and 32 per cent, respectively. "This initiative reflects a proactive and strategic approach to supporting enterprises, particularly SMEs, as they face increasing complexities in international trade," the Singapore Indian Chamber of Commerce and Industry (SICCI) said. With global tariff structures becoming increasingly dynamic, businesses must be equipped with the necessary tools, knowledge, and financial support to realign their operations and maintain competitiveness, said the Chambers. This grant will offer critical support to companies in reviewing supply chains, recalibrating pricing strategies, exploring alternative markets, and investing in trade advisory capabilities, SICCI said, stressing that it is "fully prepared to provide unwavering support to our members and the wider business community in accessing and leveraging this grant". "We will work closely with government agencies, particularly Enterprise Singapore, to ensure that businesses, especially those from the Indian business community, can effectively benefit from this initiative and develop sustainable trade strategies in response to the shifting global trade Environment," Neil Parekh, Chairman of the Singapore Indian Chamber of Commerce and Industry, said. Tan pointed out that small and medium enterprises will likely be able to receive a higher percentage of co-funding from the government than multinational firms. Small and medium enterprises employ around two-thirds of Singapore's workers, he added. Singapore plays an international hub role in international businesses' global dealings, the US being one of the main lucrative markets, according to international business analysis. The grant will cover two categories of businesses, and eligible companies will get support for a "time-bound period" of two years, according to reports.
The Star
10-07-2025
- Business
- The Star
Singapore to launch new grant for companies, expand support for workers amid US tariff uncertainties
SINGAPORE: Singapore companies will be able to tap a new grant to help them adjust to the new tariff environment, announced the Singapore Economic Resilience Taskforce (SERT). The Business Adaptation Grant, to be launched by October 2025, will be capped at S$100,000 per company and requires co-funding by firms, Minister of Manpower Tan See Leng said as the taskforce provided an update of its work so far on Thursday (July 10). SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. More details will be announced in October. Dr Tan said the grant will support two broad groups of businesses. For firms that export to or operate in overseas markets, it will cover advisory services related to free trade agreements, trade compliance, legal and contractual matters, supply chain optimisation and market diversification. For businesses with local or overseas manufacturing operations, the grant can help to defray reconfiguration costs such as logistics and inventory-holding expenses. Dr Tan noted that it would not be possible for the Government to cover every aspect of business operations or reach every firm with local, regional or international exposure, but the grant has been structured to differentiate between small-and-medium enterprises (SMEs) and larger firms. 'SMEs will receive more generous support, as they account for about two-thirds of Singapore's workforce, with a significant proportion being Singaporeans,' he said. The July 10 press conference was attended by Deputy Prime Minister Gan Kim Yong, who chairs the taskforce; Minister for Digital Development and Information Josephine Teo, who also serves as Second Minister for Home Affairs; and Minister for Manpower Tan See Leng, who is also Second Minister for Trade and Industry. Also present were NTUC secretary-general Ng Chee Meng, Singapore National Employers Federation (SNEF) president Tan Hee Teck, and Singapore Business Federation (SBF) chairman Teo Siong Seng. The meeting comes as US President Donald Trump continued to fire off letters to countries, informing them of their new tariff rates. Singapore has not received the letter. Other Asean neighbours such as Laos and Myanmar were told to expect 40 per cent. Deputy Prime Minister Gan Kim Yong said that Singapore is one of the top investors in several countries across the region. He cited the example of Suzhou Industrial Park in China, where the Republic is a major investor. But with the world's second-largest economy now facing significant headwinds due to the global tariff situation, some Singapore firms with operations there may need to reconfigure their supply chains to remain competitive in both practical and compliant ways. 'These are our companies' investments overseas, and therefore it is important to make sure that they continue to survive and do well,' he said. It is also crucial for these firms to remain profitable, DPM Gan added, as this strengthens the strategic value of the Republic's business ecosystem and creates more jobs in Singapore, whether in finance, legal services, R&D or manufacturing. 'So that's why it's important for us to have this regional and global perspective, not just a Singapore company doing business in Singapore,' he said. On the job market front, NTUC secretary-general Ng Chee Meng said that young job seekers currently face four key 'gaps' as they transition into the workforce - skills, expectations, opportunities, and experience. For example, some of them feel unprepared to take on roles in fast-evolving areas such as environmental, social, and governance (ESG), and have asked for targeted upskilling not just in industry-relevant technical skills, but also in soft skills. Others are also concerned about job opportunities amid global instability, as well as the impact of AI on job availability and the nature of work. Many employers also prefer candidates with prior industry experience, which puts first-time job seekers at a disadvantage. 'We will try our best to highlight existing tools that we have and the programmes that are in the works,' said Ng. SNEF president Tan Hee Teck said that most employers are taking a cautious approach to workforce-related 'movements'. Around 70 per cent have either planned or made workforce adjustments, including team reorganisations, hiring pauses and prioritising upskilling and reskilling to future-proof their organisations, he said. 'To help alleviate cost pressures and drive transformation, we strongly encourage employers to tap on the SERT's enterprise and work force support measures,' said Tan. Still, there are silver linings in the job market. Dr Tan noted that employment rate for the 2025 graduating cohort stood at 51.9 per cent as at June, a four per cent increase from the 47.9 per cent recorded in June 2024. Vacancies for entry-level jobs have also remained steady. For example, there are currently 2,400 immediate vacancies suitable for fresh graduates in the public sector, including roles for engineers and software developers. These are available on the Careers@Gov portal, with more opportunities to be found at a public service career fair in August. Dr Tan noted that as at March 2025, there were 1.64 job vacancies per unemployed person, with about 70 per cent of these vacancies suitable for residents, largely concentrated in expanding or growth sectors. According to the Ministry of Manpower's (MOM) finalised data in its Labour Market Report for the first quarter of 2025, the number of job vacancies stood at 81,100 in March, up from 77,500 in Dec 2024. The proportion of employers intending to raise wages in the next three months also rose slightly, compared with the pre-tariff period in April and May 2025, added Dr Tan. Dr Tan said the SkillsFuture Jobseeker Support Scheme had benefited about 2,200 involuntarily unemployed citizens between April and June. He added that the number of applications for the scheme has stabilised. Still, the Government will expand support for jobseekers, with more career guidance services that workers can access through the Government and NTUC's Employment and Employability Institute, he said. The Government will also provide temporary enhanced funding for basic certification to help human resource professionals better support employers in managing their workforce amid a volatile economic environment. In his closing remarks, DPM Gan said it is important to plan ahead and take action to ensure that Singapore's economy continues to grow and remain relevant globally. 'Our focus remains very clear, which is to protect livelihoods, strengthen our resilience, and keep Singapore moving forward,' he said. - The Straits Times/ANN
