Business & Economy Singapore must embrace digital age to boost SMEs’, says communications minister

Singapore must embrace digital age to boost SMEs’, says communications minister

Digitization is the way forward as business transactions become increasingly automated

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To increase the impact and contribute positively to Singapore’s overall growth, it is critical that small and medium-sized enterprises (SMEs) adopt digital technology.

This is the view of the Minister for communications and information, S. Iswaran, speaking on Feb 17 when he discussed the Singaporean government’s efforts to support current enterprises in the digital space.

Iswaran, who also acts as the minister-in-charge of trade relations, noted the government is not only focused on improving the operations of the big business but also SMEs.

The SMEs role in the business community is vital as they push forward our economic stability as a whole, especially as they become plugged into the digital economy to mobilise their daily operations and automate their business transactions.

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Other government agencies have suggested businesses make full use of digital technology to increase their productivity and enterprise competitiveness.

In recent years, SMEs are seen as key drivers of the country’s economy. As cited by the Department of Statistics, SMEs posted 65% contribution towards providing Singapore’s jobs.

In 2017 alone, SMEs contributed 49% or $196.8 billion to the country’s economy.

The agency defined SMEs as enterprises that have operating receipts of not more than $100 million or employs about 200 members of the workforce.

Iswaran said that the country’s digital readiness programme is designed to promote the welfare of both the workers and businesses.

He added when society is aware of digital technology, Singaporean citizens can easily access and enjoy the e-government’s benefits and the advantages of other digital services.

He was speaking to reporters on Sunday morning on the sidelines of a Chinese New Year community event in West Coast GRC, where he is an MP.

On Sunday, he attended the relaunch of the West Coast Cares programme, which began in 2015, at the West Coast Market Square in Clementi. Under this initiative, over 150 domestic businesses are helping in providing daily necessities for households who need them most.

Iswaran led the People’s Association Community Spirit Awards among partner organisations such as West Coast 726 Hawkers’ Association, Clementi Town Shop-Owners’ Association, and West Coast Drive Merchants’ Association, recognising their assistance.

Several packs of oranges were given to the Square’s food centre’s residents, diners, and hawkers.

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