Lincoln Electric and P&G Highlighted in Minister Heng Swee Keat’s 2016 Budget Speech
In his 2016 Budget speech, Finance Minister Heng Swee Keat highlighted the innovative efforts of AmCham members Lincoln Electric and Procter & Gamble.
In discussing how the government must not only assist individual companies to transform and modernize but also support entire industries to do so, Minister Heng praised Lincoln Electric, saying:
“For example, robots can handle metal fabrication processes more efficiently, from steel cutting to welding to machine tending. But these may be too expensive or complicated for many SMEs. Recently, a number of solution providers including Lincoln Electric came forward to design and deliver more affordable, modular systems for SMEs. Over 1,000 SMEs could benefit, if this is scaled up across the manufacturing sector.
Industry-level transformation works best if firms partner one another, or if industry associations lead the effort, because they know their needs best. Government agencies can support by initialising lead demand or through regulatory changes. We need to form close partnerships among firms, industry associations and Government to drive industry-level transformation.”
Minister Heng also reiterated Singapore’s commitment to research and development, offering Procter & Gamble as an example of a great industry partner:
“First, we will continue to deepen industry capabilities in innovation and R&D.
Of the commitment announced for the Research, Innovation and Enterprise (RIE) 2020 Plan, up to $4 billion will be directed to industry-research collaboration. This represents a concerted shift towards innovation and enterprise, to capture the economic and social value of R&D.
Procter and Gamble (P&G) has worked with A*STAR and EDB to set up the Singapore Innovation Centre (SgIC). It is one of P&G’s major innovation centres, focusing on research and product development for its global business units in Home Care, Healthcare, Grooming and Skin Care. The SgIC will be a key open innovation hub to accelerate and facilitate collaborations between P&G and partners in Asia, including Singapore enterprises.”