SBF Encourages Businesses to Leverage the Budget 2018 Initiatives and Programmes to Deepen Capabilities, Transform and Internationalise
- SBF welcomes the measures to help businesses grow amid near- and longer-term challenges.
- SBF stands ready to work with the Government and partners to promote a more vibrant economy underpinned by sustainable growth.
19 February 2018 [Singapore] - Budget 2018 consists of measures to help companies overcome near-term concerns, foster pervasive innovation, build deep capabilities and forge strong partnerships to meet the challenges ahead. Amid an increasingly positive economic outlook, SBF welcomes the growth-oriented measures in Budget 2018 to help companies transform and grow.
In line with the direction on forging stronger partnerships, SBF will work with Government and partners on several fronts. This includes working with Trade Associations and Chambers (TACs) to assist businesses to leverage the Budget measures to develop deep corporate and digital capabilities, adopt innovative work processes and venture overseas.
SBF is also collaborating with the Singapore Management University (SMU) to launch the LEAD-CHARGE Initiative in Q2 2018 to help SMEs build deep corporate capabilities and transform for the future economy.
Through its recently formed Digitalisation Committee, SBF aims to help businesses build strong digital capabilities and promote the adoption of digital technologies. Business and industry need to transform urgently due to digital and business model disruption. At the same time, digital technology opens many opportunities for businesses to innovate, reinvent themselves and reach more overseas markets. For example, SBF is pleased to work with IMDA and other industry partners to study the development of a nation-wide e-invoicing framework to help companies improve productivity and enhance cashflow.
In parallel with the Government’s efforts in establishing Singapore as the Infrastructure Hub for Asia, SBF will be setting up an Infrastructure Committee as a platform to bring together the private sector to collaborate on infrastructure projects and provide inputs to policies.
“The Budget is to meet Singapore’s long-term challenges. It is a well-considered and visionary Budget. We welcome it. It is in businesses’ interests to leverage the Budget measures to transform and ride on the anticipated growth momentum, given the more positive business sentiments both in Singapore and in the region. We acknowledge the reason behind the increase in GST and appreciate the advance notice for businesses to plan ahead. Separately, we applaud the pilot Capabilities Transfer Programme, as it will be vital in helping companies to transform.” said SBF Chairman SS Teo.
“SBF will work with TACs and Government to leverage on ITMs to help companies internationalise, as well as proactively promote partnerships between large companies and SMEs. This is truly a pro-Singaporean, pro-business and pro-environment Budget, and all of us need to work together to achieve its outcomes”, he added.
SBF CEO Ho Meng Kit said, “SBF welcomes the pro-business Budget measures to help business transformation. We are pleased to collaborate with SMU to launch the LEAD-CHARGE Initiative to help SMEs transform for the future economy. More details on the initiative will be issued in a media release tomorrow [20 Feb]. We look forward to working closely with Enterprise Singapore to help our SMEs grow and internationalise.”