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Singapore Budget 2018: Pact scheme to support tie-ups amongst SMEs and start-ups

PARTNERSHIPS amongst small and medium enterprises (SMEs) and start-ups will qualify for the integrated Pact programme from Apr 1, removing the existing requirement for such tie-ups to be between large organisations and SMEs.

For this new Pact, the government has allocated S$100 million over the next three years, Minister for Trade and Industry (Industry) S Iswaran said in his ministry's Committee of Supply debate on Friday.

Administered by the Economic Development Board (EDB) and Enterprise Singapore, Pact brings together four existing schemes: EDB's and Spring's respective Partnerships for Capability Transformation schemes; Spring's Collaborative Industry Projects; and IE Singapore's Global Company Partnership Grant.

With this combination of schemes, the scope of the integrated Pact now includes support for sourcing for services providers, as well as alliances to move into new business areas both domestically and overseas.

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Pact will support up to 70 per cent of qualifying costs for partnerships in capability development - including co-innovation and knowledge transfer - and business development, including business alliances and pooling resources.