Written reply to PQ on supporting SMEs in navigating overseas regulatory challenges and geopolitical risks

Question 

Mr Lee Hong Chuang: To ask the Deputy Prime Minister and Minister for Trade and Industry whether the Government has any plans to provide further support to Singaporean small and medium enterprises (SMEs) operating or expanding overseas, particularly in navigating regulatory challenges or geopolitical risks in regional markets. 

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1. Given our small domestic market, our local enterprises have to look at markets outside of Singapore in order to grow. The Government is committed to supporting our companies to sell and expand overseas. At this year’s Committee of Supply Debate, we announced the permanent doubling of the maximum quantum for trade loans under the Enterprise Financing Scheme to $10 million to improve access to trade financing. We also extended the Double Tax Deduction for Internationalisation by five years, and the enhanced $100,000 grant cap for each new market under the Market Readiness Assistance scheme by a year to defray costs relating to overseas market expansion.

2. EnterpriseSG also has more than 35 overseas centres globally that support Singapore companies seeking new opportunities in markets around the world by providing market information, intelligence and help to facilitate introductions to in-market partners. 

3. In addition, EnterpriseSG works with Trade Association and Chambers (TACs) to provide resources to help small and medium enterprises (SMEs) grow internationally. For instance, the Singapore Business Federation (SBF) and Singapore Chinese Chamber of Commerce & Industry provide support to SMEs via the GlobalConnect programme, which includes market advisory services and business trips for companies to explore and pursue overseas opportunities, as well as introductions to overseas partners for market entry and expansion.

4. To help businesses navigate the current uncertainties and challenges due to the external economic environment, we partnered SBF to launch the Centre for the Future of Trade and Investment in July 2024, to advise companies on tariff and Free Trade Agreement related queries. The Singapore Economic Resilience Taskforce also announced on 10 July 2025 that the Government will be introducing the Business Adaptation Grant in October 2025 to help eligible firms which have been impacted by United States trade tariffs adapt their business operations and strengthen supply chain resilience.