Singapore's Budget 2022 - Support Initiatives for Businesses (Part 1)

As a global leader and financial hubspot in Asia, Singapore unveiled during the Budget 2022 event the new initiatives aimed to restructure the economy and solidify its stature in the world.

The new initiatives will enable eligible businesses to explore untapped market opportunities. The program will also ensure businesses rise up to the challenge of fast-changing business landscape by investing in digital technology, innovations, and upskilling of talents among others. 

Further, to speed up the recovery of challenged segments of the economy, a number of initiatives are also in store to provide targeted assistance to eligible businesses. 

Businesses Capabilities

The Our Heartlands 2025 Programme was developed by Enterprise Singapore. Relevant information about the programs such as Heartlands Go Digital Programme and Visual Merchandising Programme can be accessed through the links provided.

​However, the Our Heartlands 2025 Programme will continue to provide support to eligible businesses through the following:

• Deepening digital capabilities and upskill the heartland workforce through initiatives such as the Heartlands Go Digital Programme and Visual Merchandising Programme.
• Upgrading capabilities of Heartland Trade Associations and Chambers to amplify and multiply government initiatives through manpower support and internal digital capability development.
• Enhancing the liveliness of the heartlands through upgrading the precincts and stores, as well as organizing events such as the Heartlands Festival, which will raise the profile of heartland merchants, and attract new customers to the heartlands.

New initiatives will be launched such as Food Services and Retail Business Revitalisation Package, Singapore Global Enterprise (SGE) Initiative, Trade 2030 Strategy, and Trade Associations and Chambers (TACs) Partnerships. The details of each initiative is specified below. 

A. Food Services and Retail Business Revitalisation Package

Application period for this package begins on 1 Apr 2022 until 31 Mar 2023. This package will prioritize the following: 

• ​Extension of the enhanced maximum support level for Enterprise Development Grant projects that support business model transformation at 80%. 
• Enhanced support through the sector trade associations to train and hire local job seekers through programmes such as the SG United Mid-Career Pathways Programme and Career Conversion Programmes

Businesses are encouraged to inquire about Productivity Solutions Grants and Enterprise Development Grant through the links provided. 
 
B. Singapore Global Enterprise (SGE) Initiative

Promising local enterprises will be prioritized to make them become part of the Singapore Global Enterprise. Businesses affiliated to SGE are recognized locally and around the world. Assistance will be channeled through (a) developing global-ready executives; (b) creating new corporate ventures; (c) facilitating mergers & acquisitions; and (d) creating enhanced access to financing. 
 
Under this initiative, local businesses can enjoy the Singapore Global Executive Programme (SGEP) which will prepare them to go global through the following:

• Providing expertise: Provides dedicated support and guidance to enterprises, such as access to human resource expertise and benchmarking data, to help enterprises strengthen their human capital capabilities and elevate their talent management practices. 

• Branding partnership: Supports enterprises in their branding and outreach efforts to position them as attractive employers offering exciting career opportunities.
• Curating a holistic talent development programme: Works with enterprises to create a curated career development pathway and expose young local talent to growth opportunities, and provides support to build in-house HR team to implement talent development programmes.

 
C. Trade 2030 Strategy

This program aims to augment all aspects of trading and introduce Singapore to the world in the trading industry. Companies will get the support of Singapore to further intensify the trading industry. Employees working in the trading industry will also be empowered through upskilling efforts. 
 
This will be carried out through these activities: 

• To boost efforts in attracting leading global traders and anchoring more of their upstream, downstream, and innovation activities in Singapore, thereby providing platforms for other Singapore enterprises to expand overseas.
• To accelerate efforts to grow a strong core of Singapore Global Traders – locally-grown traders that command global scale and are highly innovative

 
D. Trade Associations and Chambers (TACs) Partnerships

This initiative covers these programs such as Digitalisation of TACs (Digi-TAC) Programme, TAC Fellowship Programme for Leadership Development (TFP), and TAC Leadership Accelerator Programme (TLAP). Its main goal is to solidify the business relationship with key intermediaries and multipliers. 
​
Digitalisation of TACs (Digi-TAC) Programme will assist the shift to digital technology through:

• Adopting digital solutions to improve and boost capabilities in key corporate functions
• Training TAC secretariat staff to equip them with foundational digital capabilities to enable them to support their respective industries and members

Meanwhile, AC Fellowship Programme for Leadership Development (TFP) will focus on empowering and upskilling TAC leaders in the future and TAC Leadership Accelerator Programme (TLAP) will take the lead in camping for talents and prepare them for leadership and managerial positions in TAC. 
Image:https://www.freepik.com/photos/business-finance