Singapore's Workers' Party Wants to Focus on Small Businesses for Economic Growth

Singapore's Workers' Party wants the government to focus on helping small businesses to drive economic growth.

The party's MPs, Kenneth Tiong and Jamus Lim, proposed this idea to help small- and medium-size businesses.

Associate Professor Lim thinks Singapore should reduce its dependence on foreign investments and big companies.

The government's Second Minister for Finance, Jeffrey Siow, disagrees and says Singapore needs both big companies and small businesses.

He thinks the Workers' Party's ideas are already in the government's economic plan.

Minister Siow says the Workers' Party's proposal is similar to the government's plan, but with some differences.

Associate Professor Lim wants Singapore to stop competing with low taxes and cheap labor and instead focus on building strong local businesses.

He thinks this will help local companies grow and become competitive.

Small businesses make up most of the companies in Singapore and employ many people, but they don't contribute as much to the economy as big companies.

Associate Professor Lim believes that if small businesses are not given a chance to grow, Singapore will not have its own successful companies.

Minister Siow says Singapore needs to attract foreign investment and support local companies at the same time.

He thinks that the growth of local companies and big companies helps each other.

The government gives a lot of money to help small businesses, but not all of it is used.

Minister Siow says the government can do more to help companies use the available support.

He thinks that building a successful company is hard and just giving money is not enough.

Other MPs from the ruling party agree with Minister Siow that Singapore needs both big and small companies.

MP Edward Chia says Singapore's economy should be driven by both local and global companies.

He thinks that local and global companies work together to create jobs and opportunities for Singaporeans.

Global companies bring investment, technology, and international connections, while local companies are agile and innovative.

Together, they create an ecosystem that helps Singaporeans.

Some MPs think that Singapore's domestic market is too small to drive economic growth.

MP Mariam Jaafar says that while domestic demand is important, Singapore companies must compete in bigger markets.

She thinks that relying only on domestic demand will not create enough growth and jobs.

NMP Mark Lee agrees that domestic demand can provide some support, but it's not enough for companies to grow.

He thinks that Singapore companies must venture abroad to find new customers and build new production capacity.

Minister Siow agrees that Singapore should engage more with overseas markets rather than turning inward.

He thinks that this will help Singapore companies compete more effectively and build stronger relationships with global companies.

Many local companies grow and succeed because of their relationships with big companies.

Big companies also create high-skilled and high-paying jobs, with many Singaporeans holding senior positions.

Minister Siow warns that reducing efforts to attract investments would drive both big and small companies away.

Associate Professor Lim says the Workers' Party is not suggesting reducing support for big companies or government-linked companies.

He thinks that the government should support small businesses indirectly by reducing cost pressures.

He proposes capping annual rent increases to help businesses adjust to fixed costs.

Many countries have similar restrictions, and even limiting this measure to government landlords would be helpful.

Associate Professor Lim also suggests reviewing foreign manpower policies to help sectors like food and beverage.

MP Saktiandi Supaat agrees that small businesses face cost pressures, but thinks that policy trade-offs must be considered.

He asks if relaxing foreign manpower policies or introducing rent regulation would be proposed to reduce costs.

Senior Minister of State Low Yen Ling acknowledges the challenges facing small businesses and heartland enterprises.

She thinks that the government's goal is to help businesses compete more effectively, not just cope with higher costs.

She adds that attracting big company investments and supporting local businesses are complementary strategies.

A strong economy needs both big and small companies, she says.

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