Budget 2023: Funding boosts for enterprises will help Singapore develop globally competitive firms

• S$150 million set aside for SME Co-Investment Fund, S$1 billion boost to Singapore Global Enterprises initiative 
• Job-Skills Integrators to be appointed in certain sectors to optimise training and job placement 

TOP-UPS to the SME (small and medium-sized enterprise) Co-Investment Fund and the Singapore Global Enterprises initiative will increase the availability of capital to firms, and help Singapore develop a pipeline of globally competitive businesses, said industry observers.

In his Budget 2023 speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that an additional S$150 million would be set aside for the SME Co-Investment Fund, while S$1 billion would be added to Singapore Global Enterprises initiative.

The extra S$150 million under the SME Co-Investment Fund will be used to invest in promising SMEs, after the government reaped “positive outcomes” from its previous funding rounds, added Wong. The government also aims to catalyse an additional S$300 million of private investments to support enterprises.