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Role of SMEs in Singapore (Building a culture of entrepreneurship…
Role of SMEs in Singapore
providing job opportunities
99% of the enterprises in Singapore are Small and Medium Enterprises and they employ two - thirds of our workforce and account for about half of Singapore's GDP
there is a total of 3.4 million employment in SMEs.
SMEs create job opportunities for the people in Singapore because they need people to produce and sell their goods or services to their consumers.
enhancing the quality of human resources
SMEs enhance the quality of human resources with the right set of skills for today's economy
Skills affect growth of a country, economic growth and social development.
In order for Singapore to stay competitive and relevant, local pool needs to be highly skilled.
Building a culture of entrepreneurship
Singapore can no longer depend on Foreign Direct Investment (FDI).
Singapore needs more entrepreneurs in order to create more jobs, and improve the economy of the country.
Many successful startups and SMEs will eventually lead to a culture of entrepreneurs in Singapore.
FDI: an investment made by a company/ individual in one country in business interests in another country.
Fostering creativity and innovatie mindsets
Foreign Direct Investment (FDI) boom cannot last
Foreign investors will have many choice of countries that offer attractive incentives to invest in.
Innovation can create high value jobs and population can grow into highly skilled group globally.
Global presence
Global footprint will bring revenue to Singapore's exports, Singapore's economy and Singapore dollars.