Supporting SMEs in Navigating Overseas Regulatory Challenges and Geopolitical Risks
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Mr Lee Hong Chuang’s inquiry regarding Government support for Singaporean small and medium enterprises (SMEs) navigating overseas regulatory challenges and geopolitical risks. Deputy Prime Minister Gan Kim Yong highlighted financial enhancements including doubling trade loan maximums to $10 million and extending the Double Tax Deduction for Internationalisation by five years. EnterpriseSG provides market intelligence via 35 overseas centres and partnerships like GlobalConnect, while the Market Readiness Assistance scheme’s $100,000 grant cap was extended to help defray expansion costs. To address trade uncertainties, the Government launched the Centre for the Future of Trade and Investment in July 2024 to advise companies on tariff and Free Trade Agreement queries. Furthermore, the upcoming Business Adaptation Grant in October 2025 will support firms impacted by United States trade tariffs in strengthening their operations and supply chain resilience.
Transcript
7 Mr Lee Hong Chuang asked the Deputy Prime Minister and Minister for Trade and Industry whether the Government has any plans to provide further support to Singaporean small and medium enterprises (SMEs) operating or expanding overseas, particularly in navigating regulatory challenges or geopolitical risks in regional markets.
Mr Gan Kim Yong: Given our small domestic market, our local enterprises have to look at markets outside of Singapore in order to grow. The Government is committed to supporting our companies to sell and expand overseas. At this year's Committee of Supply Debate, we announced the permanent doubling of the maximum quantum for trade loans under the Enterprise Financing Scheme to $10 million to improve access to trade financing. We also extended the Double Tax Deduction for Internationalisation by five years, and the enhanced $100,000 grant cap for each new market under the Market Readiness Assistance scheme by a year to defray costs relating to overseas market expansion.
EnterpriseSG also has more than 35 overseas centres globally that support Singapore companies seeking new opportunities in markets around the world by providing market information, intelligence and help to facilitate introductions to in-market partners.
In addition, EnterpriseSG works with Trade Association and Chambers to provide resources to help small and medium enterprises (SMEs) grow internationally. For instance, the Singapore Business Federation (SBF) and Singapore Chinese Chamber of Commerce and Industry provide support to SMEs via the GlobalConnect programme, which includes market advisory services and business trips for companies to explore and pursue overseas opportunities, as well as introductions to overseas partners for market entry and expansion.
To help businesses navigate the current uncertainties and challenges due to the external economic environment, we partnered SBF to launch the Centre for the Future of Trade and Investment in July 2024, to advise companies on tariff and Free Trade Agreement related queries. The Singapore Economic Resilience Taskforce also announced on 10 July 2025 that the Government will be introducing the Business Adaptation Grant in October 2025 to help eligible firms which have been impacted by United States trade tariffs adapt their business operations and strengthen supply chain resilience.