Photo: stocksvibe.com

In the wake of the contracting economic climate and global uncertainties, local firms are creaking under the pressure. The newest annual National Business Survey by the Singapore Business Federation (SBF) highlighted that 44 per cent of the firms expect no changes to the current climate whereas 49 per cent expect the business climate to become more challenging in the coming months.

Based on the SBF survey carried out between August and October last year, 51 per cent of the businesses perceived that Singapore business climate had deteriorated in the last year.

That as many as 1,018 firms perceived that business sentiments were weaker was not surprising given the prolonged US-China trade tensions, remarked the Ho Meng Kit, CEO of SBF. He also added that “Although the survey was done prior to talks of the Phase One trade agreement, the results are unlikely to vary that much now if the survey is conducted now.”

Other key concerns of firms such as China’s economic slowdown, increasing business costs and uncertainties caused by the US-China trade dispute were also given importance by the SBF.

Yet, Singapore firms are still expanding their footprints overseas in this midst of gloomy economy prospects. Overseas presence from last year increased from 75 per cent to 84 per cent. Small and medium enterprises have especially expanded globally from 68 per cent to 78 per cent from the previous year. SBF also highlights that Thailand, Malaysia and Indonesia, which are Southeast Asia countries continue to be the favourite places firms expand to.

“It is encouraging that our SMEs are extending their global footprints more aggressively despite the economic uncertainty that shrouded 2019…The growing e-commerce and digital economy provide our businesses with new opportunities as they can expand into new markets with little to no physical presence,” SBF remarked.

According to the survey also, 94 per cent of firms are aware of promoting “business transformation” as a means of maintaining competency and competitiveness. Technology has also been found to be instrumental to these transformations for 66 per cent of firms.

In addition to this, 69 per cent of firms also find that the main obstacle to the adoption of new technologies is the perceived cost. Mr Ho stated that “The shift in mindset is a big step in the right direction and we hope to see this increased awareness translate into actions. The perceived high cost of technology adoption is a common misconception…Companies can start small, such as setting up a website, or getting on social media.”

However, the adoption of the concept of business transformation has been slow among firms, with the trend beginning only ten years after the government started to exhort firms to innovate, Mr Ho further added.

For the upcoming Budget, firms have “returned to basics” in the kinds of provisions they want. For example, both large firms and SMEs are calling for tax rebates and reductions, incentives for industry-related training and corporate venturing and easier access to information and resources from government agencies have formed the key priorities for companies.

In the meantime, SBF is also set to release its own wishlist for the upcoming budget.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

URA and HDB will ensure proposed temple will integrate well with surrounding developments

In a joint statement on 6 January by Urban Redevelopment Authority (URA) and Housing…

Singapore to invest S$30 million to boost local food output

A quiet corner amid the concrete jungle houses 5.6 million residents in…

广告商称将电动滑板车改为个人助行器 陆交局斥:不负责任

广告商宣称为电动滑板修改为个人助行器,陆交局直指供应商不负责任,呼吁民众勿购买使用。 昨日(13日)陆路交通管理局发文告表示,近期有广告声称,能够将电动滑板车改为个人助行器(PMA),是不合法的行为。陆交局表明,若修改成为个人助行器会导致原始设备和机械的结果完整性遭到破坏,使其安全认证失效,可能造成用户或公众构成安全风险。 PMA是供不良于行、无法长时间站立或骑自行车有困难的人士使用,为老人家居多,而大多数的PMA在安全性与性能方面都符合国际标准如含ISO7176 和EN12184的标志,并限速每小时10公里的速度。 陆交局表明,由于危及行人与使用者的安全,因此,陆交局将会严正以待,针对故意忽视规定的制造商,将会采取严厉的行动。 近年来,由于电板车意外频传,因此政府开始收紧电动踏板车使用条例,例如提倡使用者舍弃不合规定的电动踏板车或禁止电动滑板车上行人道,因此今年9月提早实施个人代步工具需符合标准UL2272,亦推出回收电动踏板车换取现金计划。 该计划若已经注册的车主们于11月30日之前销毁器材,将能够以每架代步工具换取100元奖励金。用户可在今年9月23日起至明年3月31日,将不合规定带回制定地点进行销毁。 据《联合早报》报道,截至本月12日, 陆交局共收到逾1万4000份提早销毁电动踏板车的申请。 此外,本月5日起,禁止电动滑板车上行人道,这一波的禁令却引发送餐员的不满,纷纷表示禁令反而减少了收入。交通部高级政务部长蓝彬明则于12日与送餐员展开对话,但仍无法平息送餐员怒火,解决他们的困境。

没交税将无法获得补贴金? 税务局:没这回事

有人冒充税务人员,向民众传达没缴税就无法获得政府补助金或自雇人士收入补贴金一事,国内税务局驳斥“没这回事”。 当局表示,凡是符合资格领取相关补贴金的人士,都会接到来自全国职工总会的书面或简讯通知,而补贴金将以邮寄支票或直接汇款入银行户口的方式发放。 当局除了促请人民不要受骗之外,还促请面对骗局的人们报警,避免更多人受害。 在脸书专页上,税收局也转发了财政部,有关薪金补贴计划(WCS)的帖文。 帖文中指出,我国截止6月30日,有9万5000名雇主在该计划下获得超过4.5亿元的补贴金。单单是6月份的补贴金发放,就将让80万新加坡员工受惠。 薪金补贴计划在2020年预算案中获得提升,包括政府将为合格企业,分别调高2019年和2020年员工加薪补贴至20巴仙和15巴仙。政府也将每月薪金顶限调高,从4000元至5000元。 财政部指出,雇主们无需做出申请,而合格的雇主将在6月30日前收到税收局的通知信函。