3. Parliamentary replies
Minister of State Teo Ser Luck's reply to Parliament Question on measures to help SMEs and local enterprises tap on the business opportunities arising from the implementation of the ASEAN Economic Community
3 November 2014
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Question
Mr Thomas Chua Kee Seng: To ask the Minister for Trade and Industry whether the Ministry plans to look into measures to help our SMEs and other local enterprises tap on the business opportunities arising from the implementation of the ASEAN Economic Community by the end of 2015.
Oral Answer by Mr Teo Ser Luck, Minister of State for Trade and Industry
1. The ASEAN Economic Community (AEC) aims to create a single market and production base, through simplified customs procedures and harmonisation of standards, and a more efficient and predictable trading environment in ASEAN. This will translate into benefits such as freer flow of goods, services and investment, resulting in shorter time-to-market for businesses.
2. AEC will help unlock growth potential for our SMEs and local enterprises, by creating a larger economic hinterland that can help our businesses overcome the limitations of our small domestic market and resource constraints. IE Singapore and SPRING have a comprehensive and broad-based suite of assistance schemes that help companies develop capabilities and internationalise. For example, IE’s Market Readiness Assistance (MRA) facilitates internationalisation by providing companies with ready market information and platforms for learning. Companies can also receive support for legal, tax and business consultancy services to aid their efforts. IE’s Global Company Partnership (GCP) supports SMEs with more developed internationalisation plans by providing customised support for capability building, manpower development, market access and financing.
3. In the lead up to AEC 2015, the Government will step up efforts to promote broader awareness of how SMEs can benefit from the AEC. The Singapore Business Federation (SBF), with support from MTI, recently organised the AEC 2015 SME Business Forum, which provided a platform for Singapore SMEs to learn about the opportunities arising from the AEC. SMEs that would like to seek advice on how they should prepare themselves for the AEC can also do so at any of the many SME Centres island-wide.