Singapore: State support for small and medium business

Publication type Article
Status Published
Occupation: Associate Professor
Affiliation: Saint Petersburg State University
Address: 7-9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation
Journal nameAsia and Africa Today
EditionIssue 2

The review article analyzes the features of state financial support for innovative activities of small and medium-sized enterprises  (SMEs)  in  Singapore  at  the  present  stage.  Author  gives  a  comparative  analysis  of  the  effectiveness  of  its  state institutions, programs and forms of financial support.

The  modern  system  of  governmental  financial  support  for  SMEs  in  Singapore  is  flexible  and  capable  the  effectively  resist financial crises and changes global market conditions. It ensured a rapid growth of SMEs in priority spheres of the economy, making this sector the basis of the innovation economies of Singapore. The development of favorable conditions for financing SMEs by attracting private foreign capital, introducing new digital, computer and info-communication technologies, enabled this country to increase labor productivity in this sector and become one of the leaders of the world market of innovations.

In Russia, the experience of Singapore can be used to improve the mechanisms for integrating academic and university science with public and private commercial industrial partners in order to accelerate the commercialization of scientific research. Forms of financing  youth  small  enterprises,  technological  and  innovative  start-ups,  venture  accelerators  and  business  incubators  can  be adapted in Russian practice with taking into account its national features. These measures will allow to qualitatively increase the level of state interaction in the sphere of education and science with the business sector, solve the significant tasks of improving higher education of qualified specialists and accelerating the process of commercialization of scientific development in Russia.

The experience of Singapore can be also useful in developing international cooperation in the sphere of innovations, attracting foreign investors and talented highly qualified specialists, and introducing new technologies, goods and services to the world market.

KeywordsSingapore government institutes, small and medium-sized enterprises, start-ups, financial support, innovation activities, Russia
Publication date26.03.2020
Number of characters15333
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