COVID-19 is widely seen as the test of a generation. But we have in it, ‘a rare moment to turn it into an opportunity of a generation’, Trade and Industry Minister Chan Chun Sing said. To do so, the government will establish a foundation that will provide for Singaporeans in the next decade and beyond.
Mr Chan outlined 3 ways to do it.
To drive future growth and good jobs, the Government will anchor new sectors and activities in areas such as environmental sustainability and food resilience.
The Government will also attract MNCs with globally innovative capabilities that cannot be easily displaced.
Thirdly, the Government will help and support businesses with deeper business transformation. This will ensure that companies and workers become more resilient, and are able to seize new opportunities in the future economy.
Targeted support through Enterprise Leadership Transformation Programme
Through the Enterprise Leadership Transformation Programme, the government is providing targeted support to help business with deep transformation. It is one of the programmes put in place to support businesses in ‘pivoting, surviving and thriving in the new environment’.
The programme aims to sharpen the leadership and business development skillsets of participating SME and their business transformation efforts. It does this by harnessing the collective expertise of knowledge partners, financial institutions, and experienced industry partners. It helps leaders develop business growth plans that will take their enterprises to the next level.
Mr Chan said that the government is committed to supporting businesses and workers to adapt to the new environment. This is not a journey the government can undertake alone. It will need to work in partnerships with business leaders who will drive the transformation journey.
“We have made positive progress over the last few months, but there is much work left to do. As long as we stay united with everyone on board and working together, I am confident that we can weather the crisis and seize new opportunities for Singapore in the years to come,” Mr Chan said.
Act now to digitalise or lose competitive edge and see Singapore's hub status being challenged and bypassed: Chan Chun Sing