MNCs and SMEs mutually reinforce each other, not a zero-sum situation: Jeffrey Siow
newsare.net
Singapore is not choosing between small and medium-sized enterprises (SMEs) and multi-national companies (MNCs) as it needs both.Similarly, it is not choosing between domestic demand and external markets as they are needed, too, said Minister for Transport anMNCs and SMEs mutually reinforce each other, not a zero-sum situation: Jeffrey Siow
Singapore is not choosing between small and medium-sized enterprises (SMEs) and multi-national companies (MNCs) as it needs both.Similarly, it is not choosing between domestic demand and external markets as they are needed, too, said Minister for Transport and Second Minister for Finance Jeffrey Siow.«We are not in a zero-sum situation. In fact, the growth of our local companies and our MNCs mutually reinforce each other,» he said during the debate on a motion on the future of Singapore's economy filed by Workers' Party MPs Kenneth Tiong (Aljunied GRC) and Associate Professor Jamus Lim (Sengkang GRC). Speaking on Aug 5 afternoon as he seconded the motion, the Sengkang MP had called for a pivot away from MNCs as the driver of Singapore's growth, to promote SMEs as Singapore's economic engine. He raised this «bottom-up, domestic capital-led» approach as the solution to lagging productivity growth and a lack of risk-taking entrepreneurs.














