Problems facing businesses in Singapore

Question 1

What are the main problems facing SMEs in Singapore?

Answer 1

1. SMEs continue to grapple with sustainability standards due to cost constraints and unclear metrics for ESG reporting.
2. Maintaining a strong and robust talent pipeline

Question 2

What are the proposed solutions to solving the problems that SMEs are facing?

Answer 2

1. A public-private task force for a national electronic directory of sustainability regulations. Additionally, we suggest a government and trade associations and chambers (TACs) )-led approach to guide SMEs on the criteria for sustainability reporting leveraging technology.
2. Calling for enhanced capabilities of TACs to drive skills-based hiring for SMEs.

Question 3

What is a possible problem in the near future regarding the AM industry for chips?

Answer 3

1. Morethan 80 per cent of all chips go into consumer goods, a highly cyclical industry.

That means that when there are plenty of jobs and wages are rising, people tend to buy new cars, phones and TVs. But if economic conditions turn sour, these are the same items that are axed from the shopping list.