Support for Indian Enterprises in Singapore

Indian businesses in Singapore are set to benefit from a newly introduced Business Adaptation Grant, designed to mitigate the impact of global tariff changes, including recent US trade measures. The Singapore Indian Chamber of Commerce and Industry (SICCI) has praised the initiative as a crucial support for SMEs navigating the complex international trade environment.

Grant Details and Eligibility

Scheduled to launch in October, the grant will offer up to SGD 100,000 per eligible company, with SMEs likely to receive a higher co-funding percentage. This move underscores Singapore's commitment to bolstering its SME sector, which employs about two-thirds of the nation's workforce.

Global Trade Dynamics

With the US imposing new tariffs on neighboring countries, Singapore-based exporters face indirect risks. The grant aims to help firms reassess supply chains and explore new markets, ensuring competitiveness in a shifting trade landscape.

Collaborative Efforts for Business Resilience

SICCI is collaborating with government agencies to ensure the Indian business community can leverage this grant effectively, fostering sustainable trade strategies amidst global uncertainties.