SMEs received lion’s share of government tenders from the past three years: MoF

85% of government boosts are given to smaller firms.

The city-state is catering to a thriving small and medium enterprise (SME) community as the ministry of finance announced that SMEs have secured the bulk of government projects under its open procurement system.

According to the ministry of finance (MoF), SMEs have captured more than 60% of total government contract value and around 85% of all government tenders.

“This share of the total number of government contracts is significantly higher than in other countries, such as the UK,” the ministry of finance said.

Meanwhile, SMEs have not only tendered for smaller projects, but also for more sizeable ones as 50% of all contracts above $50m have been given to SMEs.

Just recently, the Singapore Business Federation has also organised a Government Procurement Fair for SMEs, where various government agencies, including MOF, participated to clarify the government’s procurement practices.

“SBF is also developing a Best Practice Guide to help SMEs better understand government procurement principles and processes, and how to bid for government contracts,” the ministry of finance said.