Support for heartland businesses and local firms going abroad among new initiatives

Debate on ministries' budgets: Trade and Industry

- Timothy Goh

Singapore has built a strong economy over the last six decades, driven by its pro-business environment as well as sustained investments in infrastructure and education.

But the Republic is set to face potential headwinds from recent geopolitical developments, with the multilateral free trade system under stress and at risk of being fractured, Deputy Prime Minister Gan Kim Yong said on March 6 in the debate over the Ministry of Trade and Industry's (MTI) 2025 budget.

DPM Gan, who is also Minister of Trade and Industry, noted that trade tariffs between the United States and its trading partners may lead to a global trade war, potentially driving up business costs and disrupting supply chains and trade flows.

Yet, there are opportunities for the Republic, such as in artificial intelligence (AI), digitalisation and the green economy.

These are the initiatives announced by MTI to help Singapore take advantage of those opportunities and strengthen its economy and businesses:

SUPPORT FOR HEARTLAND BUSINESSES

Senior Minister of State for Trade and Industry Low Yen Ling announced a new Enhanced Visual Merchandising Programme, which will help heartland shops "refresh their stores and gain visual appeal to attract more customers".

It will also offer heartland shops support in training, consultancy and the makeover of their shopfronts.

The total qualifying cost will be raised fivefold, increasing from a maximum of $12,000 to $60,000.

A new Vibrant Heartlands Programme for Merchants' Associations will also be established to support placemaking activities and events in the heartland.

Bite-size and pre-scoped activities would receive grant support on qualifying costs of $3,000 per application, while larger-scale customisable placemaking events would receive grant support on qualifying costs of up to $200,000 per application, said Ms Low.