The Ministry of Trade and Industry (MTI) will be helping local businesses by continuing financial support for up to 70 per cent of costs incurred in coping with fewer foreign staff, amid its lowering of labour quota for the services sector.

Outlining two key measures the MTI will be taking in Parliament during the Committee of Supply debate on Monday, MTI Minister Chan Chun Sing said two key efforts the government is currently offering enhanced support for — the Enterprise Development Grant and the Productivity Solutions Grant — will be extended until the end of financial year 2022.

For both of these, Chan said, the government will maintain its current level of 70 per cent support in order to help local businesses hit by the dependency ratio ceiling cuts to "undertake deeper and more ambitious transformation", and also help smaller companies "adopt pre-scoped equipment and solutions to achieve that initial productivity boost".

Helping Singapore companies go global

Responding to a question by Member of Parliament Henry Kwek who wanted to know more about the Global Ready Talent Programme (GRTP) and how MTI planned to build up Singapore's non-physical connectivity to ASEAN and Asia, Chan shared more details about the GRTP.

Administered by Enterprise Singapore, the programme addresses a problem Singapore enterprises currently face — the lack of talent to help companies here expand regionally and internationally.

Chan shared that more than 50 per cent of Singapore enterprises face this problem.

GRTP is supposed to build a pipeline of Singapore talents with the "requisite in-market knowledge to identify growth opportunities, and navigate challenges in overseas markets".

Chan shared that the GRTP comprised of two components — overseas internships for students and management associate programme for young professionals.

Internships in China, India, Southeast Asia

MTI shared that students from tertiary institutions can pursue overseas internships in markets like China, India and Southeast Asia through the GRTP.

Enterprise Singapore will be partnering trade associations and institutes of higher learning (IHLs) to facilitate overseas internship placements with promising companies (which are evaluated by trade association).

Apart from that, it will also co-fund the travel and subsistence allowance for the students together with IHLs.

Enterprise Singapore will also fund up to 70 per cent of the student's monthly internship salary for participating Singapore companies.

Management Associate programme

MTI shared that this will allow Singapore companies to send their young Singaporean employees on overseas postings.

The postings are supposed to help expose the employees and "deepen their in-market knowledge" in key overseas markets such as China, India, and Southeast Asia.

Enterprise Singapore will co-fund up to 70 per cent of the qualifying cost, capped at S$50,000 per annum per associate under this programme.

The GRTP will be launched in Q2 2019.

Top image from Gov.sg YouTube