The Partnerships for Capability Transformation (Pact) scheme extension facilitates collaboration between multinational corporations (MNCs) and local SMEs, crucial for SMEs' growth. While SMEs benefit from MNCs' expertise and business opportunities, they face challenges meeting MNCs' requirements independently. Initiatives such as the Amazon's Global Selling programme, in collaboration with Enterprise Singapore and SBF, aids SMEs in accessing international markets. For instance, SBF recently signed a memorandum of understanding (MOU) with Hyundai Motor Group Innovation Centre Singapore (HMGICS) to bring together four partner trade associations (Asian Clean Fuels Association, Association of Electronic Industries Singapore, Singapore Battery Consortium and AutomationSG) to help more Singapore companies secure supplier contracts within the HMGICS Electric Vehicle ecosystem.

• The Straits Times, 24 February
• The Straits Times Online, 24 February