The world has changed irrevocably.
Geopolitical tensions
Tensions between major powers are rising.
Change in production and global supply chains
Manufacturers are also assessing where they site their factories. Many are no longer building in places where they can be efficient. They are diversifying their supply chains so as not to be dependent on one site.
Some are thinking of a China plus one strategy and are actively looking at Southeast Asia, Mr Chan said.
It is a fluid landscape.
“We must do everything we can to defend our capabilities and capacities while winning new ones,” Mr Chan added.
We must also harness our competitive advantages of legal certainty, intellectual property protection, connectivity, policy consistency and coherence to overcome our constraints in land and labour.
Nature of jobs has changed
The way forward in fast-evolving realities.
“If we wait it out, we will likely be in worse shape than we are now,” he said. “We cannot wait for COVID-19 to blow over.