The recent Budget 2023 was announced on February 14, 2023, with a focus on Singapore’s future. One of the key themes of the budget was a brighter future, which was discussed on the show “Ask The Finance Minister,” hosted by Steven Chia and produced by Mediacorp for Channel News Asia. One of the guests on the show was Melvin Tan, the Group Managing Director of the Cyclect Group, a company that provides engineering services and products.
In the show, Melvin spoke about the Enterprise Innovation scheme, which he felt would help many companies that want to innovate but face resource constraints. However, he also had some questions about the demand side of innovation and who is buying the innovations. Melvin suggested that government procurement could be one way to spur innovation and create opportunities for companies.
Finance Minister and Deputy Prime Minister Lawrence Wong responded to Melvin’s suggestion by acknowledging that procurement has a role to play in spurring innovation. However, he also emphasized the need for proper arms-length processes to ensure that taxpayers’ money is being used wisely. Wong also hoped that firms would not rely solely on government procurement to be successful, as the market is small, and government procurement is only a fraction of it.
Melvin’s segment on the show highlights the importance of innovation in Singapore’s future. He spoke about the need to anchor startup innovation to Singapore and use it as a testbed before going out to bigger markets. He also emphasized the importance of developing the right talent in STEM and working closely with the private sector to spur innovation.
Another guest on the show was Emily, a registered nurse at Alexandra Hospital and a volunteer that supports seniors. Emily was featured in the budget, and her work was mentioned as an example of community support for seniors.
During the conversation, Melvin shared his insights on current financial matters, highlighting the importance of supporting our ageing workforce, harnessing innovation to improve our economy, and fostering an environment that encourages social mobility to create a brighter future for Singapore. Check out the news segment on YouTube here.
Source: CNA (www.channelnewsasia.com)