Minister for Finance, Mr Heng Swee Keat, delivered the Budget Statement for the Financial Year (FY 2016) on 24 March 2016. During the Committee of Supply (COS) Debate, the Ministry of Trade and Industry also announced how the Government is supporting businesses during this challenging time and transforming the economy to position ourselves for the future.
Budget 2016 seeks to transform the economy through innovation and enterprise, and build a caring and resilient society for all Singaporeans. This will be a collaborative effort by the people, businesses, the community and the government. For businesses, the Government aims to address their near-term challenges, while addressing mid-to long-term needs.
Businesses will be supported to:
- Seize opportunities by capitalising on global economic trends that present exciting new opportunities so that we can thrive in a slower growth environment.
- Create value by moving into deeper value creation anchored on entrepreneurship and innovation to harness future opportunities and compete globally.
- Boost productivity by pushing ahead with productivity and transformation through restructuring and internationalisation, and upskilling our workers to prepare for jobs of the future.