Budget 2024: Enhancements to the PACT Scheme

In his Budget 2024 speech, Deputy Prime Minister Lawrence Wong unveiled significant enhancements to the Partnerships for Capability Transformation (PACT) scheme, aimed at empowering Singapore’s small and medium enterprises (SMEs) to thrive in a competitive global landscape.

What is the PACT Scheme?

First introduced in 2010, the PACT scheme serves as a catalyst for co-innovation and internationalisation projects, facilitating collaborations between local SMEs and multinational enterprises (MNEs) based in Singapore.

It offers SMEs an opportunity to bridge skill gaps by learning from established companies and leveraging government funding to integrate new capabilities into their operations.

Driving Industry Leadership and Global Competitiveness

DPM Wong emphasised the importance of enabling more firms to tap into global supply chains, compete internationally, and emerge as industry leaders. Through enhanced support under the PACT scheme, SMEs can access resources and expertise to meet the stringent standards set by MNEs, fostering win-win partnerships and driving industry growth.

Expanding Opportunities for SMEs

The scope of the PACT scheme has been broadened to encompass capability training, internationalisation, and corporate venturing, aligning with the evolving needs of SMEs in today’s dynamic business landscape.

By facilitating partnerships in these key areas, the scheme empowers SMEs to enter growth industries, explore new markets, and leverage innovative solutions to drive sustainable growth.

Counto’s Commitment to SME Success

At Counto, we understand the challenges and opportunities faced by SMEs, and we are committed to supporting their growth journey.

As Budget 2024 initiatives roll out, we remain dedicated to providing tailored accounting, tax, company secretary, and company incorporation solutions that enable SMEs to navigate regulatory complexities, every step of the way.

Discover a smarter way to outsource your compliance with confidence. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

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