Singapore: State support for small and medium business

Occupation: Associate Professor
Affiliation: Saint Petersburg State University
Address: 7-9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

Journal name

Asia and Africa Today

Edition

Issue 2

Pages

43-49

Abstract

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.

Keywords

Singapore government institutes, small and medium-sized enterprises, start-ups, financial support, innovation activities, Russia

Publication date

26.03.2020

Number of characters

15333

Cite

GOST	Zabolotskaya V. Singapore: State support for small and medium business // Asia and Africa Today – 2020. – Issue 2 C. 43-49 [Electronic resource]. URL: https://asaf-today.ru/S032150750008472-1-1 (circulation date: 20.04.2024). DOI: 10.31857/S032150750008472-1
MLA	Zabolotskaya, Viсtoria V "Singapore: State support for small and medium business." Asia and Africa Today 2 (2020):43-49. DOI: 10.31857/S032150750008472-1
APA	Zabolotskaya V. (2020). Singapore: State support for small and medium business. Asia and Africa Today (2), pp.43-49 DOI: 10.31857/S032150750008472-1

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