New Singapore Budget will boost tech industry: SiTF
By Digital News Asia February 26, 2014
- IPG programme will encourage more SMEs to adopt ICT
- Also provides IT vendors with opportunity to grow their business
THE recently announced Singapore Budget 2014 would boost the ICM (Information, Communications and Media) Industry.
“The various measures and assistance schemes mentioned by Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam on Feb 21 would boost businesses for ICM companies and also encourage more IT adoption among companies,” said Shirley Wong, chairman of the Singapore infocomm Technology Federation (SiTF).
With the extension of the Productivity and Innovation Credit (PIC) scheme up to 2015 and the new PIC+ scheme, more companies would be motivated to seek productivity improvement and to invest in research and development investment, SiTF said in a statement.
This in turn would boost Singapore companies’ competitive edge, it added.
The ICT for Productivity and Growth (IPG) programme, which promotes the adoption of proven ICT-based productivity solutions by subsidising 70% of the qualifying costs and reimbursing the vendors directly, would be a key push for SMEs (small and medium enterprises) to be more willing to adopt technology in their business as the outlay investment cost would now be lower, SiTF said.
As for ICT SMEs, “the IPG provides IT vendors with the opportunity to grow our business among local SMEs, while the Internationalisation support gives our companies the means to expand our market reach to the region,” said Lau Shih Hor, chairman of the Singapore Enterprise Chapter of SiTF.
In recent years, SiTF has begun to focus on the startup scene in Singapore through its 123JumpStart (123JS) initiative, which provides coaching and funds.
“As an entrepreneur I understand the kind of supports needed by young companies,” said Roger Yuen, who heads 123JS and is also chairman of ViSenze and chief executive officer of Clozette, two Singapore-based startups.
“The Government’s commitment to helping startups grow would definitely make the industry more vibrant as more people would be willing to take risks,” he added.
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