MOF ready to add resources as firms tap nearly $2b in yearly SME support.

Both multinational corporations (MNCs) and local enterprises must succeed for Singapore’s economy to thrive, Second Minister for Finance Jeffrey Siow said. Siow rejected the view that multinational and local firms compete for a fixed pool of government support and economic opportunities. In fact, the growth of our local companies and our MNCs mutually reinforce each other,” he said in parliament. The government provides nearly $2b annually in direct grants and loans to local SMEs for capability development, new projects, and overseas expansion. “Many of our local companies grow and succeed because of their relationships with MNCs, not in spite of them,” he noted.