As countries are confronted by growing geopolitical uncertainty and economic volatility, vision, innovation and resilient growth will become key to thriving in the fast-evolving business landscape. This year’s Budget introduces key measures aimed at repositioning its economy and bolstering its fiscal measures. 

Read on to find out how Singapore can leverage new pathways of growth to unlock and seize new opportunities.

Impacting and impressing investors

To improve Singapore’s competitiveness on the global stage, the Government will be making a S$4 billion top-up to the National Productivity Fund (NPF). This will help to attract and anchor quality investments from multinational enterprises (MNEs), allowing companies here to build new capabilities, create more value and upskill workers in the long run.

budget 2023 singapore map

budget 2023 singapore young families

Talent mix and match

A key part of creating a robust workforce is understanding critical industry needs. To bridge the gap between manpower and skills demand, the Government will be introducing jobs-skills integrators who will work with training providers to update existing training programmes and curate new ones. 

For a start, jobs-skills integrators will be assigned to the precision engineering, retail and wholesale trade sectors — industries that usually comprise higher proportions of mature workers and SMEs (small and medium-sized enterprises).

Beyond working closely with employment facilitation agencies and getting buy-in from industry partners and unions, they will help also to ensure that training translates into better employment and salary prospects.

Going full throttle on transformation

SMEs can expect greater assistance when it comes to accessing capital for growth. The government will be introducing a S$1 billion top-up to the Singapore Global Enterprises Initiative to develop a healthy pipeline of companies with a proven track record of international success. Aimed at helping Singapore businesses elevate their offerings on a global scale, the scheme provides them with assistance in areas like innovation, internationalisation and fostering of partnerships.

An additional S$150 million will also be set aside for the SME Co-Investment Fund which will help them receive capital to scale operations and remain globally competitive.

budget 2023 singapore map