GP Model Essay – How important are small businesses to your society?

Here are some excerpts which you can use for this essay question.

According to Minister of State for Trade and Industry, Mr Teo Ser Luck, “The SME sector is an important pillar of Singapore’s economy. They contribute more than 50 per cent of economic output and 70 per cent of employment”. As such, SMEs have been encouraged by the government to invest in skills upgrading, innovation and to utilise various schemes available to step up on productivity. 

This has also been reiterated by DPM Tharman in his address at the Singapore Metal & Machinery Association on 25 April 2015. He said that SMEs are at the core of Singapore’s economy and sources of innovation and future growth. To enhance the capabilities of SMEs, SkillsFuture would provide a platform for the enhancement of skills of the work force by developing courses suitable to help workers make use of technology for higher productivity.

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