The Government will redouble its efforts to attract high-quality investments by focusing in growth sectors where Singapore can be highly competitive. The National Productivity Fund will be topped up with $4 billion to anchor more quality investments. A new Enterprise Innovation Scheme will be introduced to significantly enhance tax deductions for key activities in the innovation value chain. An additional $150 million will be set aside via the SME Co-Investment Fund to invest in promising SMEs, while an additional $300 million of private investments will be catalysed to support our SMEs.
Deputy Prime Minister and Minister for Finance Lawrence Wong delivered the Budget 2023 speech in Parliament on 14 February 2023.
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