“FULL ARRAY” OF State Aid
Lennon Tan, leader of SMA, stated that Singapore’s problem with rising prices is not new or special. But in Singapore’s perspective, there is a “full range” of government aid to enable production firms.
According to Mr. Tan, companies should also consider diversifying their supply chain and digitizing processes in order to be less dependent on human resources and only one resource.
He noted that the industry has always experienced a shortage of skilled workers, with some engineers choosing to work in fields like IT and finance.
” We need to give designers more opportunities to become a little bit more on their entrepreneurial side,” he said,” so they can even have that vision to have creativity and produce their own products.” I think this will help the entire production business”, he said.
Some of these pressures may be helped by new initiatives to pair multinational corporations ( MNCs ) with local businesses, according to Mr. Tan.
For instance, larger corporations is balloon their talent and train Singaporeans, or invest in R&D to advance the manufacturing industry.
” The MNCs come in bringing billions of dollars of expenditure, bringing in the technology, bringing work, bringing recognize- how. According to Mr. Tan,” I think the impact on the manufacturing sector is greater than a SME trying to grow naturally or spontaneously in the region,” he said.
The organization has been pushing its users to look abroad due to the small size of Singapore’s industry, he added.  ,
” Frightening it might be, but I believe it’s necessary to go out there, identify yourself, and conduct business that in order to support that nation and market.”