All posts tagged: Singapore Business Federation

Businesses in Singapore seeking help with tech adoption, addressing risks of overseas expansion in upcoming Budget

Businesses in Singapore seeking help with tech adoption, addressing risks of overseas expansion in upcoming Budget

[ad_1] However, Mr Kok noted that the circumstances vary across different sectors, with firms in the construction sector, wholesale trade sector and the hotel, retail and accommodation sector more impacted by the credit crunch. “But having said that, all in all, I think businesses in Singapore are resilient. They are actively taking measures to see what they can do. In response to the increase in interest rates, companies are actively reviewing the variable loan rates,” he said. He added that to conserve cash, firms are actively trying to slow down some outflows, by minimising non-mandatory expenditures and even delaying investment plans. Mr Ang Yuit, president of the Association of Small and Medium Enterprises, said that local businesses are hoping that demand will go up as the world exits the pandemic and trade from China rises. “With costs going up and demand staying stagnant, you’re going to have some challenges, so hopefully demand goes up. That may be due to global factors and internally if we can look at how we can stimulate some of this, …