Trade relief in Singapore: Indian firms to gain from new adaptation grant; US tariffs push government to act
The Singapore Indian Chamber of Commerce and Industry (SICCI) welcomed the government's announcement, calling the grant a 'timely intervention' to help businesses—particularly Small and Medium Enterprises (SMEs)—navigate the evolving cross-border tax landscape, PTI reported.
'This grant is available to all local businesses, especially Small and Medium Enterprises,' SICCI said, adding that the move reflects a 'proactive and strategic approach' to support companies amid growing complexities in international trade.
The Business Adaptation Grant, set to launch in October, was announced by the Singapore Economic Resilience Taskforce (SERT) and will provide up to SGD 1,00,000 (around $78,000) per eligible company. According to Minister for Manpower Tan See Leng, SMEs are likely to receive a higher co-funding percentage than larger multinational firms.
Although Singapore has not yet received a formal notification of new US tariffs, its neighbours Malaysia and Indonesia are expected to face import duties of 25% and 32%, respectively.
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The new American tariffs come as part of a broader protectionist move, posing indirect risks to Singapore-based exporters and supply chains.
SICCI said the grant will help companies reassess supply chains, adjust pricing strategies, seek new markets, and invest in trade advisory services to stay competitive. The chamber affirmed its commitment to assisting members in accessing the funds and aligning operations with the shifting global trade environment.
'We will work closely with government agencies, particularly Enterprise Singapore, to ensure that businesses, especially those from the Indian business community, can effectively benefit from this initiative and develop sustainable trade strategies,' said SICCI chairman Neil Parekh.
Tan noted that SMEs employ about two-thirds of Singapore's workforce and will be a primary focus of the scheme. The grant will cover two business categories and will be available for a 'time-bound period' of two years.
Singapore plays a key role as a global business hub, and the US remains one of its major trading partners. The new grant is expected to cushion the impact of shifting trade dynamics and reinforce resilience in the city-state's SME sector.
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