Budget 2016 Quick Takes: SMF welcomes transformation-focused Budget

SINGAPORE Manufacturing Federation (SMF) said on Thursday that it welcomes the transformation-focused Budget 2016 unveiled by Finance Minister, Heng Swee Keat.

"Budget 2016 recognises the strong need for industries and enterprises to transform through innovation,'' SMF said.

In particular, SMF welcomed the additional support for mergers and acquisitions; the enhancement of corporate income tax rebate; the cash flow support for the small-medium-enterprises (SMEs) with SME Working Capital Loan; the launch of the Jurong Innovation District to further promote entrepreneurship and local startups; the Industry Transformation Programme as well as the Local Enterprise and Association Development (LEAD)-Plus programme to enhance the capabilities and capacity of Trade Associations and Chambers (TACs).

"With increasing competition from the region and disruptive technologies changing the way people do businesses, our local companies must transform and create value through innovation, internationalisation, and collaboration. SMF looks forward to developing transformation roadmaps for the manufacturing industry with the government, so as to take the industry to the next level,'' it said.

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