Close to 150 local and overseas participants attended The Business Times Budget Roundtable, which focused on the theme Transforming for growth against global headwinds.
Presented by global cloud accounting platform Xero Asia, the virtual panel discussion provided small and medium enterprises (SMEs) with a better understanding of how the new Budget 2024 announcements can help their businesses.
Ms Low Yen Ling, Minister of State for Ministry of Trade & Industry and Ministry of Culture, Community and Youth, was part of the panel moderated by Ms Anita Gabriel, senior correspondent for The Business Times.
They were joined by co-panellists Ms Koren Wines, managing director of Xero Asia, and Ms Vicky Hwang, Chief Executive Officer of Chyau Fwu Wine & Spirits.
Beyond the webinar held on 15 March, insights from the roundtable were further amplified through editorial coverage on The Business Times’ print and online platforms. Highlights from the roundtable are also available through an online article and video.
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Key insights for SMEs
During the session, small and medium-sized enterprises (SMEs), such as presenter Xero Asia’s clients, were given greater clarity on how they can tap various government support schemes to address challenges ranging from cash flow and supply chain issues to labour woes and global volatility.
Ms Wines shared that Xero Asia’s research showed that beyond macroeconomic pressures, 83 percent of SMEs experienced cash flows in the last 12 months, preventing them from scaling up. Ms Low added that to tackle these woes, the Budget 2024 includes the broad-based $1.3 billion Enterprise Support Package to allow as many SMEs as possible to benefit from it.
The roundtable also touched on how they can leverage artificial intelligence (AI) and how they can explore sustainability efforts to future-proof their business operations.
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