New S$70m scheme for eateries, retailers; S$50m campaign for heartland shops
F&B, retail businesses to enjoy maximum support level of 80% for the two schemes
Singapore
THE retail and food and beverage (F&B) industries are set to get S$70 million more in business support, said Minister of State for Trade and Industry Low Yen Ling.
Heartland enterprises, as well as trade associations and chambers (TACs), are other intended beneficiaries of initiatives that she announced on Friday (Mar 4) at the Ministry of Trade and Industry's Committee of Supply debate.
F&B and retail businesses are set to qualify for a higher level of funding from the Productivity Solutions Grant and Enterprise Development Grant schemes for business transformation, under the new Food Services and Retail Business Revitalisation Package.
They will enjoy a maximum support level of 80 per cent for the two schemes from Apr 1, 2022 to Mar 31, 2023, against a cap of 70 per cent for other industries.
Low added that the package will "help our food services and retail companies to beef up their manpower in the hiring and training of locals", with trade associations expected to encourage the take-up of manpower schemes such as Career Conversion Programmes.
Separately, the S$50 million Our Heartlands 2025 programme is meant to digitalise and revitalise heartland shops over the next 4 years, with more details on the new road map to be announced in time.
The campaign builds on existing initiatives such as the Heartlands Go Digital Programme and Heartland Visual Merchandising Programme.
Low noted that 85 per cent of Singapore's more than 17,000 heartland enterprises have adopted e-payment solutions as of end-February, and 58 per cent have digital or e-commerce presence. "In the next few years, we hope to see them grow their revenue, boost their operational efficiency and attract new customers into our vibrant heartlands," she said.
Meanwhile, Low noted the adverse impact of the Covid-19 pandemic on Singapore's tourism sector but said that "we will continue to support our tourism sector's efforts to recover, to innovate and come back stronger than before".
For instance, the Singapore Tourism Board is stepping up its SingapoReimagine international campaign, while large-scale, "high-quality business and leisure events" such as the Formula One Singapore Grand Prix and Standard Chartered Singapore Marathon are expected to resume this year, she said.
And, with industry groups expected to play a significant role in supporting the various enterprise development initiatives, Low also pledged that "the government will redouble our efforts to uplift TACs" as these associations operate in a changing economic landscape.
The Singapore Business Federation (SBF) will offer digital solutions and training to TAC staff through the Digitalisation of TACs programme, which will start in the third quarter of 2022, and will launch a TAC Fellowship Programme that sends current and future TAC leaders through a specially designed higher learning course that is expected to begin in the second half of 2022.
The SBF will also aim to recruit promising mid-career professionals to join TACs through a new TAC Leadership Accelerator Programme, with support from the Singapore Chinese Chamber of Commerce and Industry and government agency Enterprise Singapore. This scheme is also slated for launch in the second half of 2022.
