Singapore Budget 2016: Boosting value creation through Budget 2016

FINDING ways to help Singapore transit from a value-adding to a value-creating economy will be one of the key focus areas of the Committee on the Future Economy chaired by Finance Minister Heng Swee Keat.

For some, value creation may seem like a tall order or even an abstract concept. After all, despite the recent focus on improving productivity, results have hardly been satisfactory even with the slew of government incentives. Value creation is more than just improving productivity or quality of existing products or services. It requires businesses to come up with innovative ideas or reinvent business operations to differentiate themselves from the competitors.

It may involve disrupting traditional industries through creation of better products and services, penetration into new markets or adoption of new business models. Value creation can also be achieved by developing a strong brand for products or services. This change is inevitable for Singapore businesses to contemplate. And, sooner rather than later, they should critically assess their individual situations and identif…