2. Speeches
Speech by SMS Low Yen Ling at the 12th SME Centre Conference 2025
30 July 2025
Ms Cindy Khoo, Managing Director, Enterprise Singapore
Mr Lennon Tan, President, Singapore Manufacturing Federation
Mr Kok Ping Soon, CEO, Singapore Business Federation
Presidents of Trade Association and Chambers
Introduction
1. Good morning. It is my privilege to join you at the 12th SME Centre Conference. Many thanks to Mr Lennon Tan, Mr David Chia and their team at the SME Centre @ the Singapore Manufacturing Federation (SMF) for chairing the organising committee for this year’s event.
2. The SME Centre Conference marks a significant milestone in our collective efforts to support and uplift SMEs, the backbone of Singapore’s economy.
a. Each year, I am encouraged to see many of you. Today, we are hosting more than 1,000 business leaders and SMEs. Taking bold steps, starting with the SME Centre Conference, you not only transform your businesses but also support one another in overcoming challenges through meaningful partnerships.
3. We recognise that today’s wider business environment remains challenging. SMEs are facing a rapidly evolving global trade landscape. I want to assure you that the Government is committed to helping SMEs transform, build capabilities, and boost productivity as you navigate these challenges. I shared a lot about that in my Committee of Supply speech in March in Parliament this year.
a. The maximum loan quantum for the Enterprise Financing Scheme (EFS)-Trade Loan has been permanently raised from S$5 million to S$10 million.
b. In addition, the enhanced S$100,000 grant cap for the Market Readiness Assistance (MRA) grant has been extended until 31 March 2026.
4. To help companies manage tariff-related pressures and review their overseas footprint, the Singapore Economic Resilience Taskforce (SERT) recently announced the Business Adaptation Grant. I am happy to share that starting October 2025, the new Business Adaptation Grant will support eligible businesses in:
a. Assessing the impact of new tariffs,
b. Obtaining advice on supply chain optimisation and market diversification, and
c. Reconfiguring operations to adapt to the new trade environment.
5. The Government will continue to engage closely with all of you, our SMEs, the businesses, and we stand ready to provide further support should the situation worsen.
Building Resilience Through Partnerships
6. Beyond tariff uncertainties, businesses must also be prepared to navigate broader shifts in the global environment.
a. The theme of this year’s conference is “Driving Business Transformation & Growth through Partnerships”. It really underscores the importance of collaboration in managing these transitions.
b. Strong partnerships help businesses build more resilient business models and supply chains. They help open up access to resources, networks, and expertise that individual firms may struggle to reach alone.
c. Lasting success is built when businesses cooperate, collaborate and form a strong foundation for future growth.
7. Now the way I see it, if I can use an analogy – The business world today is really like a fast-flowing river. You cannot quite feel the current underneath, so swimming alone is risky. But with the right partners, businesses can build a sturdy raft, leveraging the combined strengths to move forward with greater strength and clarity. Strategic partnerships also bring several advantages:
a. It can help businesses and SMEs stay relevant in a fast-changing market. For example, adapting quickly to disruptions. This agility is really vital for SMEs because we have leaner teams and tighter resources.
b. SMEs can optimise resources and reduce risk, or derisk. You can also think of it as diversifying risk. You do not have to go in all alone. You can go in with partners and derisk your approach, reduce the risk through partnership. Businesses can share investment costs, spread the risks, and tap into new capabilities, technologies, and also new markets.
c. In addition, partnerships can also unlock fresh opportunities. Cross-sector collaboration and technology tie-ups can open doors to growth that could otherwise remain out of reach for individual firms.
8. But we all know that effective partnerships must be deliberate and structured. Let me share three essential factors:
a. Strategic preparation - Knowing your business goals, strengths, and gaps can help you find a suitable partner.
b. Partner alignment - Look for partners who share your vision and values. Like a good marriage, a strong partnership depends on mutual trust, cultural fit and clear communication.
c. Structured execution - Build on clear agreements, define measurable goals and maintain momentum through regular communication. Be prepared and ready to adapt as needed and grow together.
Evolution of SME Centres and Partnership Approach
9. Launched 20 years ago as Enterprise Development Centres, our SME Centres have evolved into a national network of comprehensive support for capability development and business growth. Their success reflects the strength of the partnerships between the government and Trade Associations and Chambers (TACs).
10. This year, as we celebrate SG60, we also mark a significant milestone for our SME ecosystem. In 2025, the SME Centres will celebrate their 20th anniversary.
11. Over the last five years alone, SME Centres have conducted over 100,000 business advisory sessions.
a. As advisory partners, SME Centres work closely with our SMEs to develop and implement business growth plans, connect them to the right resources and stay ahead of emerging trends.
b. Through these efforts, SMEs have played a key role in strengthening and building a more resilient Singapore economy.
SME Centres as Growth Catalysts
12. We recognise that transformation is not always straightforward, especially in today’s global climate, when SMEs have to manage multiple priorities with limited time and resources. This is where SME Centres come in to help. To better support our SMEs on your transformation journeys, we are enhancing SME Centres in two important ways.
More Comprehensive and Personalised Advisory Services from SME Centres
13. Firstly, we are strengthening our core advisory services and capabilities through two key components – our experienced Business Advisors and newly developed diagnostic toolkits.
a. Our 80 Business Advisors today not only provide solutions to tackle immediate business concerns, but also conduct holistic business reviews to support longer-term growth. These advisory sessions are enhanced by new diagnostic toolkits that identify capability gaps and provide targeted recommendations. These toolkits cover crucial capabilities in internationalisation and digitalisation, with sustainability and other topics progressively added to address a broader range of business needs. There is something for every SME, depending on the stage of your development, challenge that you want to address, and opportunities you want to seize.
14. These enhancements help Business Advisors better assess and understand each enterprise's unique value proposition and growth aspirations. Think about this – We are taking bold steps to turbocharge the capabilities of each of our 80 Business Advisors to do more to support you.
a. For example, ASAP & Co, a food & beverage company specialising in wood-smoked cuisine. They have been working with the SME Centre @ Singapore Malay Chamber of Commerce and Industry to develop an overseas expansion plan using the new Internationalisation Diagnostic Toolkit. With guidance from its Business Advisor, the company is engaging potential partners and exploring exciting collaboration opportunities.
Seamless Access to Broader Business Support
15. Secondly, we are expanding our enterprises’ access to broader business support as we enhance their overall experience when engaging with the TACs and the government. It will be easier for SMEs to connect with the right resources that enable their growth and transformation. With deeper insights, Business Advisors can more effectively suggest collaboration opportunities and proactively identify potential partners that align with the enterprise’s objective on building new capabilities, creating greater operational synergy, or achieving economies of scale,
16. When specialised expertise is needed, our Business Advisors will refer our SMEs to the appropriate specialist partners, ensuring a seamless experience.
a. A key partner is the SME Pro-Enterprise Office (SME PEO), which was launched in March this year. As the government’s key coordination office on regulations, SME PEO, which sits in Enterprise Singapore, helps our businesses address cross-agency regulations and issues relating to emerging sectors where rules may still be evolving.
b. Another partner is the Singapore Business Federation’s Centre for the Future of Trade and Investment (CFOTI). CFOTI offers tailored support and advice to help businesses navigate the complexities of global trade.
Establishment of CEFA as a Dedicated Financing Advisory Hub
17. In addition, we know that strong financing is crucial for transformation and growth. This is why I am pleased to announce that Enterprise Singapore and the Singapore Business Federation will jointly set up the Centre for Enterprise Financing Advisory (CEFA).
18. With support from the Association of Banks in Singapore, CEFA will serve as a dedicated hub to strengthen the financial resilience of SMEs through advisory, facilitation, and capability-building support.
a. Through CEFA, SMEs will receive tailored financial advice on their growth plans and guidance on navigating financing options, as well as access opportunities to connect with a network of financiers and investors.
b. SMEs will also be able to tap on a suite of resources, tools, and training programmes to build on their internal financing capabilities.
19. CEFA represents a significant step forward in providing SMEs with the financing support that is needed to pursue growth opportunities in a rapidly evolving economic landscape. More details will be available when CEFA becomes operational in the coming months.
Conclusion
20. All these new resources and enhancements are taking place against the backdrop of SG60 – “Building Our Singapore Together”. Just as this national milestone brings Singaporeans together, the government is committed to walking your business transformation journey with you, not just as a regulator or policymaker, but as your growth partners. Through strong partnerships, we can build a thriving society that is united, resilient, vibrant, inclusive, and fair.
21. At the same time, it is also equally important for SMEs to take the initiative, like all of you have, every year, during the SME Centre Conference. Today, we invite you to take that first step. You may find the right partner or partners and ideas to unlock your next breakthrough.
a. Start by engaging actively in today’s conference. Learn from each other’s experiences. Explore new ideas. Please, speak with SME Centre representatives. We have 80 really committed, dedicated, passionate Business Advisors here. Reach out to them.
22. In fact, after today’s conference and exhibition, I want to encourage each and every one of you as well as your colleagues in your company, to visit your nearest SME Centre. Talk to any one of our Business Advisors. Whether you are looking to digitalise, expand overseas, explore a new partnership, or strengthen your capabilities, we are ready to support you, every step of the way.
So again, I want to thank SMF and all the TACs, Enterprise Singapore, SBF, thank you once again for having me. I wish all of you a fruitful conference and continued success ahead. Thank you.