Initiatives and Strategies to Help Singaporeans and Enterprises Tap into Fast-growing Markets in Africa and Middle East
Ministry of Trade and IndustrySpeakers
Summary
This question concerns government strategies to help Singaporeans and enterprises access fast-growing markets in Africa and the Middle East following Budget 2026. Mr Saktiandi Supaat inquired about specific initiatives, roadmaps, and the impact of the February 2026 Middle East conflict on these plans. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong detailed efforts to expand trade architecture and physical presence through new agreements and overseas offices. He highlighted enhanced financial support, such as increased Market Readiness Assistance Grant levels and the removal of loan caps for internationalisation schemes. Despite geopolitical uncertainties, the government will continue providing resources and removing "new market" criteria to help enterprises deepen their regional presence.
Transcript
104 Mr Saktiandi Supaat asked the Deputy Prime Minister and Minister for Trade and Industry (a) what specific initiatives and strategies will the Government implement to help Singaporeans and enterprises tap into fast-growing markets in Africa and the Middle East, as announced in Budget 2026; (b) how have those plans been affected by the Middle East conflict which broke out in late February 2026; and (c) whether there are concrete roadmaps and measurable objectives for this effort.
Mr Gan Kim Yong: The Government has implemented a series of initiatives to support our enterprises' foray into emerging markets in Africa and the Middle East.
First, we are strengthening our trade architecture. We have an existing Free Trade Agreement with the Gulf Cooperation Council (GCC)1 since 2013 and are exploring free trade agreements with Egypt and the East African Community (EAC)2.
Second, Enterprise Singapore (EnterpriseSG) and the Singapore Business Federation (SBF) are expanding our presence in these regions. EnterpriseSG has five overseas offices in Africa and the Middle East, namely in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), South Africa, Kenya and Ghana. SBF launched the Singapore Enterprise Centre in Dubai in November, which is SBF's first overseas office in the Middle East. SBF is also planning a tentative business mission to Tanzania this year.
Third, we have enhanced support for Singapore companies to enter overseas markets. We have increased the Market Readiness Assistance Grant (MRA) support levels from 50% to 70% for small and medium enterprises (SMEs) and 30% to 50% for non-SMEs from 1 April 2026. From second half of 2026, under EnterpriseSG's new Enterprise Development Grant for Growth and Excellence, we will also remove the "new market" criterion for activities supported under MRA, so enterprises can also deepen their presence in overseas markets. We also removed the maximum facility-level loan caps for the Enterprise Financing Scheme-Trade Loan and SME Fixed Assets Loan to better meet companies' financing needs for internationalisation.
The ongoing conflict in the Middle East has introduced significant geopolitical uncertainties. We are nonetheless confident in the resilience and adaptability of our companies and will continue to support them as they seek business opportunities in these regions.