Lianhe Zaobao Quotes Iconomy on the Productivity Solutions Grant
· iconomy
Following the announcement of Singapore’s 2018 Budget, Lianhe Zaobao interviewed businesses on the introduction of the new Productivity Solutions Grant (PSG), which was intended to consolidate existing support schemes and provide funding of up to 70 per cent of qualifying expenditure on technology and productivity solutions.
The article quoted Iconomy Group Executive Director Boo Kok Chuon (巫国俊), whom Lianhe Zaobao described at the time as being engaged in the printing and marketing business. Drawing on Iconomy’s previous experience applying for the Productivity and Innovation Credit (PIC) when acquiring printing machinery and upgrading computer equipment, Boo commented on how productivity assistance could be better targeted to the actual requirements of different industries.
He suggested that support should correspond more closely to genuine operational needs, such as machinery for manufacturers and relevant software systems for service businesses, rather than encouraging businesses to acquire equipment simply because subsidies were available.
His broader point was one of enterprise self-reliance. While government support and grants could be useful, SMEs should not build their businesses around subsidies, but should continue developing their own capabilities and potential.
Original Chinese headline: 《鼓励采纳科技及生产力方案 PSG津贴资助企业开支达七成》
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