On behalf of Dr Kwee Liong Keng and Prof Tommy Koh, we would like to invite you to the Pontiac Land-IPS Food for Thought One-table Lunch with Mr Ang Yuit, President of the Association of Small & Medium Enterprises.
Small and medium-sized enterprises (SMEs) are integral to Singapore's socio-economic fabric, making up 99% of all businesses and employing 70% of the total workforce in the country. SMEs also contribute nearly half of the nation’s economic output and play a significant role in maintaining Singapore’s status as a bustling commercial hub. With geopolitical uncertainty, economic nationalism, rising costs, and accelerating technological change, however, SMEs are under mounting pressure to survive and succeed. While government support remains strong, more than 70% of SMEs in 2024 cited rising business costs as their top concern, followed by manpower challenges and the urgent need for business transformation. How should SMEs navigate this changing environment, especially in areas such as digitalisation, international expansion and supply chain diversification? What will be the impact of automation and Artificial Intelligence on SMEs and on jobs? How can support measures and initiatives be more targeted to unlock new opportunities and growth? Join us for a conversation with Mr Ang on Singapore’s SME ecosystem and the path forward.