SMEs need to contribute more to Singapore economy: Chan Chun Sing

Singapore

SMALL and medium enterprises (SMEs) in Singapore need to pull their weight in raising their contribution to the Singapore economy, by being much more productive and efficient.

This was the prognosis from Trade and Industry Minister Chan Chun Sing, who noted that while SMEs here make up 99 per cent of all businesses and employ 72 per cent of the workforce, collectively, they only contribute 47 per cent of Singapore's gross domestic product.