Helping SMEs with collaboration

SINGAPORE is expected to face slower economic growth this year as the world economy trudges on at a more sluggish pace. In August 2016, the Ministry of Trade & Industry announced a narrower GDP growth forecast for 2016 to 1.0 per cent to 2.0 per cent from 1.0 per cent to 3.0 per cent. As Singapore continues its push to improve productivity amid China's economic reform, overall global uncertainty and lower consumer and business confidence, a more poignant question remains: How are our Singaporean SMEs preparing themselves for a sustainable future?

In recent years, our policymakers have placed an emphasis on transforming our economy and focusing more on innovation and building capabilities. In fact, a critical part of Singapore's sustainability is dependent on transforming our SMEs to embrace the future. According to the Singapore Department of Statistics, 99 per cent of our 190,100 enterprises in 2015 are SMEs. Spring Singapore has also released statistics that 70 per cent of Singapor…