In the 2021 Budget Statement, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced measures to enable firms and workers transform and emerge stronger from the pandemic.

Over the next three years, $24 billion will be set aside for this. He outlined three enablers in this effort:

  1. Growing a vibrant business community
  2. Catalysing a wide range of capital
  3. Creating opportunities and redesigning jobs

1) Growing a vibrant business community

To ensure a business community with a strong spirit of innovation and enterprise that’s well-connected to the rest of the world, there is a need to restore Singapore’s physical connectivity. Hence, support will be set aside to transform the aviation sector for recovery. In addition, Singapore’s digital connectivity will also need to be expanded and our capacity for collaboration and innovation increased.

This will be done through the following ways:

Positioning the aviation sector for recovery

  • Changi’s connectivity to be restored
  • Investment in on-arrival testing and biosafety systems

Creating platforms for creative ideas

  • Investment in three key platforms to drive innovative ventures
    • Corporate Venture Launchpad
    • Open Innovation Platform
    • Global Innovation Alliance

Deepening global and Southeast Asia partnerships

  • Work together with ASEAN members to pursue common frameworks in emerging areas, and enhance digital connectivity and cybersecurity
  • Enhance infrastructure investments in the region


2) Catalysing a wide range of capital

Secondly, a wide range of capital will be catalysed to co-fund and enable businesses to innovate, transform and scale.

This will be done through the following ways:

Venture debt for high-growth enterprises

  • Ensure they have access to financial capital, by extending and enhancing the Enterprise Financing Scheme – Venture Debt programme

Co-funding transformation of mature enterprises

  • Co-fund adoption of digital solutions and new technologies

Equity investments in large local enterprises

  • Partnerships with equity firms to provide growth capital for local companies

Transformation of value chains – Growth and Transformation Scheme

  • Build on the Alliances for Action, beginning with the Built Environment sector

3) Creating opportunities and redesigning jobs

Developing the skills, talent and creativity of Singaporeans is the last key enabler in supporting businesses. For more on the support for workers in this area, click here

To secure our future, we must build new capabilities in our people and businesses, and find new ways to work together effectively. Within and across industries, and beyond our shores.
DPM Heng Swee Keat during his Budget Statement on 16 February 2021

For more on Budget 2021, visit www.singaporebudget.gov.sg



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