OCBC’s Linus Goh calls for more government support in internationalisation and sustainability for SMEs in Budget 2024
As Singapore Budget 2024 approaches, OCBC’s Linus Goh, Head of Global Commercial Banking, has highlighted the need for increased support for small and medium-sized enterprises (SMEs) to help them expand internationally and pursue sustainability. With geopolitical uncertainties, including upcoming elections in major markets like India, the US, and Indonesia, Goh stressed that SMEs may require additional guidance and resources to navigate these challenges.
Goh suggested that the government could consolidate grants and schemes for easier access by SMEs, combining financial support for equipment and digital tools with training programs to enhance the effectiveness of these investments. This holistic approach could ensure that SMEs not only have the tools but also the skills to leverage them effectively.
Sustainability remains a critical focus, despite the slow revenue gains it may bring. Goh proposed extending and expanding existing schemes like the Energy Efficiency Grant to include more industries, allowing SMEs to reduce energy costs while aligning with Singapore’s sustainability goals. Additionally, simplifying emissions standards and providing emission tracking grants would enable SMEs to better manage their environmental impact.
Goh also emphasized the importance of providing education and resources to SMEs, especially as larger clients may soon mandate sustainability practices. According to Goh, Budget 2024 should offer comprehensive support for SMEs, enabling them to overcome external challenges and secure their future growth.
