SINGAPORE, Jan. 26 (Xinhua) -- A total of 16,300 small and medium enterprises (SMEs) received funding support from Singapore's enterprise development agency SPRING in 2016 despite a slowing economy, said the agency on Wednesday.
These projects if fully implemented, are expected to create 7.8 billion Singapore dollars (5.5 billion U.S. dollars) in value added to the economy and some 21,400 skilled jobs. These represent 13 percent and 43 percent increases from the previous year, said SPRING in a press statement.
SPRING's Chief Executive, Poon Hong Yuen stressed that the success of local enterprises is critical to Singapore's economy.
"Together with our partners, SPRING is committed to supporting enterprises to grow and to upgrade their capabilities," said Poon.
Looking ahead, SPRING will focus to drive industry transformation to strengthen Singapore's position as a startup hub and enhance the business ecosystem to support enterprise growth.
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