Budget 2016 to have measures for SMEs to deal with slowdown: Heng Swee Keat

THE upcoming Budget will have measures to help small and medium enterprises (SMEs) cope with the current economic slowdown while it still keeps its eyes on Singapore's economic transition.

"We'll be looking at how to help SMEs to meet the immediate challenges," Finance Minister Heng Swee Keat told the media after a visit to Pan Asia Logistics in Tuas on Friday afternoon. "But equally important, if not more important is to help SMEs continue with this restructuring journey."

Mr Heng, in his first term as finance minister, will be announcing the Budget on March 24.

He is also the chairman of the high-level Committee on the Future Economy, which is tasked to see how Singapore can chart its economic transition. The committee is due to issue its recommendations only later this year.

But this year's Budget is expected set in place some measures to help SMEs cope with these future changes.

Mr Heng said on Friday that the Budget will help SMEs look into innovation, find new markets and also focus on new business models for working more efficiently.