More needs to be done to leapfrog the competition

FOR businesses looking to the Singapore Budget 2014 for government assistance to help them with more value-creation activities, the mention of "quality growth focusing on innovation" seemed like just the very lifeline they were waiting for. But, do the measures announced go far enough to encourage more value-creation by businesses?

While the government has heeded calls from the business community to encourage more innovation through investment in research and development (R&D), exploration of new markets, and building of new capabilities through adoption of information-communication technology (ICT), these measures are one step short of encouraging companies to focus more on the type of value-creation activities that can take Singapore on a path of sustainable long-term business performance.

First, let us focus on the good news.