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Singapore's strategies to overcome challenges of globalisation…
Singapore's strategies to overcome challenges of globalisation
Nurture SMEs: Ensure that they are relevant and competitive
Facilities partnerships between SMEs and larger cooperations
Provide various forms of financial assistance to help SMEs of different stages of growth
Examples: Old Chang Kee, Charles & Keith, Super
Overseas venture
Encourage local companies to go overseas
[Pull] Higher profits & market share overseas
[Push] Lower profits & market share locally
Support Singaporeans during global crisis: Maintain employability, survivability
2008-2009 global financial crisis
Singaporeans
Workers who lost jobs were given help to find new ones
Opportunities to be retrained with relevant skills
Lower income families were given assistance
Businesses
Reduce interest rates, increased subsidies for insurance premiums
New businesses & smaller companies were granted further tax exemptions
Expand market share
Free Trade Agreements (FTA)
Cooperation between countries to establish free trade area with no tariffs and hindrances