The government will commit $12.6 million over the next three years to grow Small and Medium Enterprises (SMEs). This will go directly to five Enterprise Development Centres which give SMEs consultancy and advisory services.

Prime Minister Lee Hsien Loong announced this at the opening of the fifth and latest centre on Saturday. Help is on hand for Indian businesses that need assistance - from financial planning to venturing overseas in search of raw materials and opportunities.

Predeep K. Menon, Executive Director and CEO of Singapore Indian Chamber of Commerce and Industry, said: "They are many companies in Singapore that would like to do that, but they are at a loss on how to go about - understand and gain knowledge about these markets, and operating within these markets."

Now they can, with the setting up of the Enterprise Development Centre within the Singapore Indian Chamber of Commerce and Industry (SICCI).

Some 14,000 Small and Medium Enterprises have already received help.

The SICCI says it will certainly tap on the $12.6 million available and is working on how much to apply for.

It joins the other centres at the Chinese Chamber of Commerce and Industry, Malay Chamber of Commerce and Industry, Association of Small and Medium Enterprises and the Singapore Manufacturers' Federation.

The funds will be made available to the various Enterprise Development Centres from April.

It will be the second set of funding that the government is providing for enterprise upgrading.

Some $10 million were already disbursed in the last three years.

And businesses welcome the news.

Kavita Thulasidas, Director and Fashion Designer at StyleMart, said: "Companies like mine and other Indian companies in Singapore trade a lot between India and Singapore, and this basically become a place where we can bring up any issues that we may have with regard to our business. It is also a place where companies basically access information with regard to the market in India.

"We are all looking at globalisation and regionalisation for that matter, so having access to that information and having events and networking opportunities basically gives you lots more opportunities in new markets."

Launching the centre and the business chamber's new premises, Mr Lee said the Chamber has played an active and constructive role in Singapore's economic development for more than 80 years.

Going forward, it can do more. It can maximise the potential of the Singapore-Indian Comprehensive Economic Agreement (CECA).

Mr Lee said: "While we have made much progress, the potential is much greater, In particular. We need to do more to communicate the CECA to the business community in Singapore and India.

"The SICCI can help by establishing new contacts, and nurturing mutual appreciation and understanding. Your efforts can help Indian companies become more familiar with Singapore and vice versa.

"Companies on both sides can then locate their activities in their value chain according to the comparative advantages of both countries, exploit their complementary strengths and reap the full benefits of CECA."

Mr Lee said the business chamber could also help SMEs train their sights on new emerging markets like Russia and the Middle East.