NTUC FairPrice brings back 'Made in Singapore' fair (Amended)
Singapore
HOMEGROWN retailer NTUC FairPrice is lending small and medium-sized enterprises in Singapore a helping hand again through its SME Suppliers Support & Development Programme (SSDP), with the opening of its fourth "Made in Singapore" fair on Thursday.
Introduced in 2009 and brought back in 2012, the programme aims to help local SMEs through this tough business period. It assists in easing cashflow pressures, reducing business costs, and promoting their locally made products through fairs such as "Made in Singapore".
NTUC FairPrice CEO Seah Kian Peng believes the S$1 million spent on an annual basis to support the programme is "very well spent", and emphasised the need for companies to help local SMEs.
It has allowed brands such as Sing- long to flourish. It has experienced 8 per cent business growth since jumping on board the SSDP in 2012.
Assistance is provided in the form of shortened payment terms, discounts on listing and processing fees for new products, as well as promoting brand products through store promotions.
Additionally, brands gain industry insights via knowledge-sharing seminars that the retailer organises. This holistic approach has benefited over 270 SMEs and will be extended until Oct 31, 2016.
Senior Minister of State for Trade and Industry Lee Yi Shyan officially opened the fair on Thursday. He commended the company for "taking leadership in promoting Singaporean brands and helping SMEs fund their foothold in the marketplace".
Speaking about the F&B sector, Mr Lee further praised made-in-Singapore brands for upholding the principles of quality and safety, which he believes will be invigorated through higher demand due to a growing Asian middle class.
This year, the fair focuses on the SG50 theme, showcasing local brands and products that have been favourites in Singapore for over 50 years.
BoBo Fishballs and Fishcakes, a brand featured at the fair, has even released a patriotic "50 fishcake", which will be sold over the next 2-3 weeks, celebrating the nation's jubilee birthday.
The "Made in Singapore" fair will run until Aug 5, offering discounts of up to 40 per cent and feature cooking demonstrations using locally farmed produce at FairPrice Xtra at JEM mall.
Amendment: The SME Suppliers Support & Development Programme (SSDP) has been extended for the third time. Hence, this is the fourth year of the fair. The article has been updated to reflect that.
