A business refresh package was also launched to help firms of all sizes capture new growth opportunities locally and overseas, said Senior Minister of State for Trade and Industry Low Yen Ling.<\/p>\n
That package will include enhancements to the Market Readiness Assistance Grant (MRA), which helps businesses expand overseas by defraying the costs of overseas market promotion, business development and market set-up.<\/p>\n
During the Budget, it was announced that from April 1, the support level for small and medium-sized enterprises (SMEs) under the MRA will be raised from 50 per cent to 70 per cent of eligible costs per company per new market. The higher level of support will be applicable till March 31, 2029. <\/p>\n
From the second half of 2026, businesses will be able to use the MRA to expand their operations in both new and existing markets.<\/p>\n
The MRA grant will also be made available to all local businesses, including non-SMEs, which will receive support of up to 50 per cent of eligible costs.<\/p>\n
\u201cThis will not only support businesses in accessing new markets, but also enable them to deepen their presence in existing markets,\u201d Ms Low said.<\/p>\n
The expanded support under the MRA will be provided with the launch of a new grant, EDGE. <\/p>\n
EDGE will streamline three existing business grants \u2013 the MRA, Productivity Solutions Grant and Enterprise Development Grant \u2013 into a single scheme to improve enterprise experience and enable businesses to apply for support aligned with their needs.<\/p>\n
It will provide all Singapore businesses with funding of up to $100,000 per year for eligible activities, including enhancing digitalisation capabilities, expanding into new markets or improving enterprise efficiencies.<\/p>\n
Businesses that require a higher quantum of support under the grant can submit their requests to Enterprise Singapore, and these will be assessed on a case-by-case basis.<\/p>\n
More details on EDGE will be provided later in 2026.<\/p>\n
Mr Shawn Loh (Jalan Besar GRC) noted that support for local firms is important because Singapore\u2019s limited domestic market pushes firms to internationalise while they are still small, and from a higher-cost operating base.<\/p>\n
\u201cThis is a structural disadvantage and makes scaling much more difficult,\u201d he said.<\/p>\n
Workers\u2019 Party MP Gerald Giam (Aljunied GRC) raised calls from the Association of Small and Medium Enterprises to further delineate the classification of SMEs, as challenges faced by micro and medium-sized firms are very different.<\/p>\n
Mr Giam said: \u201cBy grouping them together, we risk applying one-size-fits-all solutions that may not reach the smallest players.\u201d<\/p>\n
DPM Gan said he agreed that many growth opportunities lie beyond Singapore\u2019s shores, and efforts will be made towards helping companies to not only export, but also expand and invest internationally.<\/p>\n
Minister of State for Trade and Industry Gan Siow Huang said businesses should also be primed to seize opportunities regionally, as ASEAN is projected to be the world\u2019s fourth largest economic bloc by 2030.<\/p>\n
She noted that the region is building economic hubs like Batam, Bintan, the Karimun region and the JS-SEZ.<\/p>\n
In support of the latter, Ms Gan said JTC Corporation is developing the Woodlands Gateway district, which will be connected to Woodlands North MRT station and the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link.<\/p>\n
The mixed-use district will offer commercial and lifestyle amenities, as well as developments for general manufacturing and industrial uses.<\/p>\n
The first phase of the project is expected to be completed by around 2030.<\/p>\n
Ms Gan said: \u201cGiven its proximity to the RTS Link, Woodlands Gateway will cater to firms siting manufacturing in Johor with regional headquarters functions here.\u201d<\/p>\n
Mr Victor Lye (Ang Mo Kio GRC) said the JS-SEZ can be a good start for companies looking to internationalise their operations, and the zone can act as an \u201cextra lung\u201d for SMEs looking to grow and thrive.<\/p>\n
He suggested taking a proactive approach to marketing the JS-SEZ, and compiling a directory of local SME suppliers who will be able to support companies looking to invest in the economic zone.<\/p>\n
In response, Ms Gan said that the Ministry of Trade and Industry will be studying the proposals carefully.<\/p>\n<\/div>\n
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