SINGAPORE companies will be given more help to expand in key markets, even as the Government steps up efforts to attract more foreign firms here.

As the recession continues, the Government will also strengthen the economy to ride out the difficulties and gear up to 'seize new growth opportunities' in the post-crisis landscape, said Trade and Industry Minister Lim Hng Kiang.

In an addendum to President S R Nathan's speech at Parliament's opening on Monday, Mr Lim recapped the ministry's goals in the downturn and beyond. He reiterated that the Government will 'help viable businesses' weather the extraordinary economic crisis by making it easier for them to get financing and cutting their costs where possible.

Companies will also get help to expand abroad, both in key markets such as China, India, South- east Asia and the Middle East, and in emerging economies including Latin America and Eastern Europe.

Mr Lim also reaffirmed Singapore's commitment to free and open trade, saying efforts have been intensified towards setting up an Asean Economic Community that will increase trade, services and investment flows in the region.

The Trade and Industry Ministry will continue to build on its 'strong network' of free trade agreements and sign new ones, and use these agreements to help Singapore firms expand into foreign markets.

In the meantime, the ministry will enhance the business environment within Singapore, drawing more offshore companies to set up shop here.

Mr Lim said it will continue to refine its rules and remove red tape, 'making it easier, faster and cheaper for businesses to operate in Singapore'.

Singapore will also keep investing in its physical infrastructure. Tourism also remains a priority, with new attractions such as the integrated resorts, Gardens by the Bay and the River Safari on the way.

FIONA CHAN

This article was first published in The Straits Times.