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East Coast Plan unveiled
- Thread starter A Singaporean
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East coast plan is out
https://www.channelnewsasia.com/new...study-city-east-coast-sea-level-rise-14831338
https://www.channelnewsasia.com/new...study-city-east-coast-sea-level-rise-14831338
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
from straitstimes.com:
SINGAPORE - The Emerging Stronger Taskforce's report is 118 pages long, but a Venn diagram on Page 38 neatly sums it up.
The diagram depicts the task force's vision of a Virtually Unlimited Singapore, one that sits at the intersection of three circles, or focus areas: creating new virtual frontiers; a sustainable nation; and one that is stronger together through public-private and international partnerships.
The two broad themes to guide this vision? Connectivity and sustainability.
Singapore must remain connected physically and digitally. It must also be sustainable - environmentally and economically, by including all segments of society.
There are a few things commendable about the report, and also a few issues to raise.
First, the extensive engagement of almost 2,000 private and public sector participants across 900 organisations.
The task force also reached out to those not directly involved in the industry-led Alliances for Action (AfAs), through Emerging Stronger Conversations with members of the public and civil society.
Some will argue the number is not large enough. But given the time constraints and Covid-19 restrictions, I would venture to say the organisers took a good stab at it.
Second, the strong emphasis on building capabilities.
The report's recommendations vary according to sector. In those hardest-hit by the pandemic such as tourism, workers must retrain to move quickly into new or adjacent job roles, while those in growth sectors should be ready to "regear with future skills and competencies".
The report also calls on firms to work with unions on "preventive or predictive upskilling" - in short, identifying job disruption and training needs early on.
This differentiated approach makes sense for training providers and planners.
But workers themselves may not understand training in such granular terms. Employers will need to communicate how the training relates to their career pathways, and how it links back to the company's transformation.
Is moral suasion enough to do this? Or are stronger incentives and even penalties needed, to nudge employers to invest in training?
Third, the acknowledgement that failure can be expected, and progress is not linear. This is a bold position for any official report to take.
"In the spirit of entrepreneurship, and in line with the AfAs' 'start-up' approach, we should be prepared that not every AfA will succeed in the traditional sense of delivering the outcomes it had set out to achieve at the start," the report said, adding that AfAs could "graduate" in different ways.
The individual AfA case studies - where the scope of projects is clearly defined and there is industry buy-in - are where the report truly shines. These range from piloting autonomous vehicles, to hybrid travel conferences.
But taking things from the company or sub-sector to the industry level is a quantum leap. Challenges such as grooming local champions, for example, have been discussed for years.
What is not that clear is how establishing economic AfAs under the Future Economy Council (FEC) will lead to systemwide change, or how they will be scaled up so that they are "a key enabler for transformative economic growth".
The report does state that the FEC, as the proposed custodian of these AfAs, should continue to refine the AfA model; and criteria should be set for commissioning and closing AfAs.
The FEC will also incorporate the task force's recommendations into ITM 2025, which charts a new way forward for the economy for the next five years, by institutionalising and scaling up AfAs.
Under ITM 2025, each of the existing 23 industry transformation maps (ITMs) and sector strategies will be refreshed.
In this regard, a few AfAs seem to have more of a head start.
The one on digitalising the built environment, for example, has set concrete targets on common data standards and the number of supply chain partners - no doubt spurred by the immediate need to build resilience in this sector during the pandemic.
Conversely, the conversation on edutech still largely revolves around building enablers to develop the sector, such as skills certification and analytics.
One does not dispute the importance of enabling continuing education through technology, or building consortiums to export Singapore's education products.
But it remains a challenge for the diverse private sector education stakeholders to scale up individually, let alone band together overseas.
Then there are the initiatives where the pace of adoption depends on how fast other countries can move.
Take strengthening digital connectivity in South-east Asia towards a single digital area, for instance.
Willing and able Asean members may work with one another to shape a common set of documents and guidelines. But the momentum is still largely driven by regional consensus, and not all the outcomes are binding.
The authors of the report have struck a delicate balance: Leave things too open-ended, and it risks being seen as wishy-washy. Be too prescriptive, and critics would accuse the authorities of heavy-handedness.
Those who are wedded to the idea of the Government having all the answers may be uncomfortable with the report.
Others who favour a flexible approach involving "trial and execution", as task force co-chairman Tan Chong Meng said, would find it assuring.
As his co-chairman, National Development Minister Desmond Lee, said on Monday (May 17), the work does not end here. What matters is whether workers and businesses benefit from the recommendations, and whether efforts are sustained beyond the report.
The task force's proposals are a good start, but Singaporeans will have to make meaning of how the proposals will impact their jobs and lives.
Businesses, too, must discuss what works for them and what does not, as the nation hurtles towards an uncertain post-Covid-19 future.
Emerging Stronger Taskforce report: A long read, a few gems, and work in progress
SINGAPORE - The Emerging Stronger Taskforce's report is 118 pages long, but a Venn diagram on Page 38 neatly sums it up.
The diagram depicts the task force's vision of a Virtually Unlimited Singapore, one that sits at the intersection of three circles, or focus areas: creating new virtual frontiers; a sustainable nation; and one that is stronger together through public-private and international partnerships.
The two broad themes to guide this vision? Connectivity and sustainability.
Singapore must remain connected physically and digitally. It must also be sustainable - environmentally and economically, by including all segments of society.
There are a few things commendable about the report, and also a few issues to raise.
First, the extensive engagement of almost 2,000 private and public sector participants across 900 organisations.
The task force also reached out to those not directly involved in the industry-led Alliances for Action (AfAs), through Emerging Stronger Conversations with members of the public and civil society.
Some will argue the number is not large enough. But given the time constraints and Covid-19 restrictions, I would venture to say the organisers took a good stab at it.
Second, the strong emphasis on building capabilities.
The report's recommendations vary according to sector. In those hardest-hit by the pandemic such as tourism, workers must retrain to move quickly into new or adjacent job roles, while those in growth sectors should be ready to "regear with future skills and competencies".
The report also calls on firms to work with unions on "preventive or predictive upskilling" - in short, identifying job disruption and training needs early on.
This differentiated approach makes sense for training providers and planners.
But workers themselves may not understand training in such granular terms. Employers will need to communicate how the training relates to their career pathways, and how it links back to the company's transformation.
Is moral suasion enough to do this? Or are stronger incentives and even penalties needed, to nudge employers to invest in training?
Third, the acknowledgement that failure can be expected, and progress is not linear. This is a bold position for any official report to take.
"In the spirit of entrepreneurship, and in line with the AfAs' 'start-up' approach, we should be prepared that not every AfA will succeed in the traditional sense of delivering the outcomes it had set out to achieve at the start," the report said, adding that AfAs could "graduate" in different ways.
The individual AfA case studies - where the scope of projects is clearly defined and there is industry buy-in - are where the report truly shines. These range from piloting autonomous vehicles, to hybrid travel conferences.
But taking things from the company or sub-sector to the industry level is a quantum leap. Challenges such as grooming local champions, for example, have been discussed for years.
What is not that clear is how establishing economic AfAs under the Future Economy Council (FEC) will lead to systemwide change, or how they will be scaled up so that they are "a key enabler for transformative economic growth".
The report does state that the FEC, as the proposed custodian of these AfAs, should continue to refine the AfA model; and criteria should be set for commissioning and closing AfAs.
The FEC will also incorporate the task force's recommendations into ITM 2025, which charts a new way forward for the economy for the next five years, by institutionalising and scaling up AfAs.
Under ITM 2025, each of the existing 23 industry transformation maps (ITMs) and sector strategies will be refreshed.
In this regard, a few AfAs seem to have more of a head start.
The one on digitalising the built environment, for example, has set concrete targets on common data standards and the number of supply chain partners - no doubt spurred by the immediate need to build resilience in this sector during the pandemic.
Conversely, the conversation on edutech still largely revolves around building enablers to develop the sector, such as skills certification and analytics.
One does not dispute the importance of enabling continuing education through technology, or building consortiums to export Singapore's education products.
But it remains a challenge for the diverse private sector education stakeholders to scale up individually, let alone band together overseas.
Then there are the initiatives where the pace of adoption depends on how fast other countries can move.
Take strengthening digital connectivity in South-east Asia towards a single digital area, for instance.
Willing and able Asean members may work with one another to shape a common set of documents and guidelines. But the momentum is still largely driven by regional consensus, and not all the outcomes are binding.
The authors of the report have struck a delicate balance: Leave things too open-ended, and it risks being seen as wishy-washy. Be too prescriptive, and critics would accuse the authorities of heavy-handedness.
Those who are wedded to the idea of the Government having all the answers may be uncomfortable with the report.
Others who favour a flexible approach involving "trial and execution", as task force co-chairman Tan Chong Meng said, would find it assuring.
As his co-chairman, National Development Minister Desmond Lee, said on Monday (May 17), the work does not end here. What matters is whether workers and businesses benefit from the recommendations, and whether efforts are sustained beyond the report.
The task force's proposals are a good start, but Singaporeans will have to make meaning of how the proposals will impact their jobs and lives.
Businesses, too, must discuss what works for them and what does not, as the nation hurtles towards an uncertain post-Covid-19 future.
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
Deities. Chinks pray to deities when they want good fortune, of course must show sincerity no?
Sincerity is the foundation of a good working relationship.
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
from straitstimes.com:
SINGAPORE - The "Singapore core" should not be too narrowly defined in terms of whether someone is Singapore-born, a new citizen, or a foreigner who is helming a company, said Deputy Prime Minister Heng Swee Keat on Monday (May 17).
"That test for us must be the commitment to Singapore, the commitment to the well-being of Singapore and of Singaporeans," he said.
He was responding to a question at a virtual press conference by the Emerging Stronger Taskforce, on which term - "Singapore core", or "Singaporean core" - most accurately captures Singapore's workforce policy, and what global talent will be needed to implement the task force's recommendations.
Drawing on his own experiences running the Monetary Authority of Singapore during the 2008 to 2009 global financial crisis, Mr Heng said many chief executives of international banks in Singapore had given him outstanding advice on how to deal with the crisis - demonstrating that they had Singapore's interests at heart.
"Some of the CEOs from these banks are as Singaporean as Singaporeans who were born in Singapore and went through national service... in fact, some of them, whom I knew personally, had become Singapore citizens," said the minister, without elaborating.
The task force was formed last May to chart Singapore's post-pandemic recovery, and on Monday released a report outlining economic strategies to drive the country's transformation.
Mr Heng noted that Singapore would have to contend with the twin challenges of an ageing labour force that is growing slowly, as well as a digital, networked economy where it is going to be much more of a winner-takes-all situation.
"Nobody is going to be happy with a second-rate programmer, so what you need to do is for us (to) assemble the best possible team," said Mr Heng, who is also Coordinating Minister for Economic Policies.
Businesses and workers in various sectors will be able to benefit in the process, he added.
As a multiracial, multicultural and multi-religious society, Singapore must not end up like some other countries and territories in the world, where the fear of losing jobs leads to a protectionist instinct where people as well as goods and services from other places are kept out, he cautioned.
He said jobs and skills transformation will also be a key part of the task force's work, so that workers can benefit from these changes across various economic sectors.
"We want to equip Singaporeans to have that cultural sensitivity... to be able to go out to the region, to be leaders in building new connections. So we must have that confidence and the drive to do so," he added.
At the same time, he stressed, the authorities will put a stop to bad employment practices.
"On the whole, I think we must get our strategic direction correct - that we welcome people from all over the world who can add value to us, (and) who share our views."
Emerging Stronger Taskforce: Avoid narrow definition of 'Singapore core', says DPM Heng
SINGAPORE - The "Singapore core" should not be too narrowly defined in terms of whether someone is Singapore-born, a new citizen, or a foreigner who is helming a company, said Deputy Prime Minister Heng Swee Keat on Monday (May 17).
"That test for us must be the commitment to Singapore, the commitment to the well-being of Singapore and of Singaporeans," he said.
He was responding to a question at a virtual press conference by the Emerging Stronger Taskforce, on which term - "Singapore core", or "Singaporean core" - most accurately captures Singapore's workforce policy, and what global talent will be needed to implement the task force's recommendations.
Drawing on his own experiences running the Monetary Authority of Singapore during the 2008 to 2009 global financial crisis, Mr Heng said many chief executives of international banks in Singapore had given him outstanding advice on how to deal with the crisis - demonstrating that they had Singapore's interests at heart.
"Some of the CEOs from these banks are as Singaporean as Singaporeans who were born in Singapore and went through national service... in fact, some of them, whom I knew personally, had become Singapore citizens," said the minister, without elaborating.
The task force was formed last May to chart Singapore's post-pandemic recovery, and on Monday released a report outlining economic strategies to drive the country's transformation.
Mr Heng noted that Singapore would have to contend with the twin challenges of an ageing labour force that is growing slowly, as well as a digital, networked economy where it is going to be much more of a winner-takes-all situation.
"Nobody is going to be happy with a second-rate programmer, so what you need to do is for us (to) assemble the best possible team," said Mr Heng, who is also Coordinating Minister for Economic Policies.
Businesses and workers in various sectors will be able to benefit in the process, he added.
As a multiracial, multicultural and multi-religious society, Singapore must not end up like some other countries and territories in the world, where the fear of losing jobs leads to a protectionist instinct where people as well as goods and services from other places are kept out, he cautioned.
He said jobs and skills transformation will also be a key part of the task force's work, so that workers can benefit from these changes across various economic sectors.
"We want to equip Singaporeans to have that cultural sensitivity... to be able to go out to the region, to be leaders in building new connections. So we must have that confidence and the drive to do so," he added.
At the same time, he stressed, the authorities will put a stop to bad employment practices.
"On the whole, I think we must get our strategic direction correct - that we welcome people from all over the world who can add value to us, (and) who share our views."
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
from straitstimes.com:
SINGAPORE - As Singapore refreshes its economic strategies for a post-pandemic world, the Emerging Stronger Taskforce has identified six key shifts that present opportunities for growth. It noted that some of these structural changes were already happening before Covid-19 struck, but the scale and nature of the crisis have accelerated the pace of these shifts.
The task force said Singapore must act quickly to find new ways of staying relevant. As greater volatility sees a premium being placed on neutral and trusted locations with strong political, financial and legal institutions, Singapore must harness this premium in partnership with its neighbours in Asia and South-east Asia, the fastest-growing production base and consumer market in the world.
Singapore will have to double down on industry transformation efforts, particularly in growth areas, to help companies develop new capabilities, become more productive, and find new ways of working together. The collective effort of industry and government will also be needed to tackle complex challenges like climate change.
Against this backdrop, Singapore's hub status can help the country meet the international demand for resilience and robust supply chain management. But it must maintain its connectivity to the world, enhance its industrial production capabilities, and strengthen the business ecosystem.
Research and development has also intensified, and product development cycles have become shorter, particularly in sectors like biomedical sciences and healthcare. A culture of pervasive innovation will help prepare companies to respond nimbly to these demands.
Consumers are also likely to be more conscious about standards of safety, health and hygiene, as well as environmental sustainability. In the near term, dampened demand for travel will spur alternatives, such as hybrid business conferencing formats or staycations for leisure, and businesses have to anticipate new needs and adapt.
The pandemic has further put the spotlight on sustainability, as countries and businesses look to gird themselves against similar economic shocks in the future.
These developments have created new opportunities in the green economy, and businesses will have to develop new strengths. There is also growing realisation that economic growth must be sustainable and inclusive and uplift all Singaporeans.
Emerging Stronger Taskforce: 6 key shifts and what they mean for Singapore
SINGAPORE - As Singapore refreshes its economic strategies for a post-pandemic world, the Emerging Stronger Taskforce has identified six key shifts that present opportunities for growth. It noted that some of these structural changes were already happening before Covid-19 struck, but the scale and nature of the crisis have accelerated the pace of these shifts.
1. Changing global order
Even before Covid-19, a tide of nationalism had turned some countries inward, and seen greater bifurcation and fragmentation of the global order. There have also been intensifying geopolitical and economic tensions on multiple fronts such as technology, finance and trade.The task force said Singapore must act quickly to find new ways of staying relevant. As greater volatility sees a premium being placed on neutral and trusted locations with strong political, financial and legal institutions, Singapore must harness this premium in partnership with its neighbours in Asia and South-east Asia, the fastest-growing production base and consumer market in the world.
2. Accelerating industry consolidation and churn
Businesses are likely to consolidate in response to the economic and financial crisis, reinforcing the market dominance of large private companies with available capital to acquire distressed assets. This could limit the potential for Singapore companies, which may already be more cautious about investments.Singapore will have to double down on industry transformation efforts, particularly in growth areas, to help companies develop new capabilities, become more productive, and find new ways of working together. The collective effort of industry and government will also be needed to tackle complex challenges like climate change.
3. Rebalance between 'efficiency' and 'resilience' in supply chains and production
In complex supply chains, the balance is typically tilted towards efficiency for better cost savings. But this has left companies with little buffer and flexibility during the pandemic, and they had to scramble for alternative supplies. Many have moved to diversify their operations. Governments have also re-evaluated local resilience, especially in areas such as healthcare, food and deep technology.Against this backdrop, Singapore's hub status can help the country meet the international demand for resilience and robust supply chain management. But it must maintain its connectivity to the world, enhance its industrial production capabilities, and strengthen the business ecosystem.
4. Accelerating digital transformation and innovation
Businesses around the world were forced to turn to technology in the past year, accelerating the trend towards a more digitally connected global economy. Singapore companies can capitalise on this by digitalising their business models, accessing new markets overseas, upskilling the local workforce and tapping the global talent pool to work remotely.Research and development has also intensified, and product development cycles have become shorter, particularly in sectors like biomedical sciences and healthcare. A culture of pervasive innovation will help prepare companies to respond nimbly to these demands.
5. Changes in consumer preferences
With people forced to stay at home for long periods last year, many turned to shopping online and virtual services, entertainment and communities. As economies reopen, behaviours have not returned to pre-pandemic norms.Consumers are also likely to be more conscious about standards of safety, health and hygiene, as well as environmental sustainability. In the near term, dampened demand for travel will spur alternatives, such as hybrid business conferencing formats or staycations for leisure, and businesses have to anticipate new needs and adapt.
6. Increased focus on sustainability
Calls for more sustainable environmental, economic and social practices have grown in recent years, with people more conscious of climate change and inequality.The pandemic has further put the spotlight on sustainability, as countries and businesses look to gird themselves against similar economic shocks in the future.
These developments have created new opportunities in the green economy, and businesses will have to develop new strengths. There is also growing realisation that economic growth must be sustainable and inclusive and uplift all Singaporeans.
- Joined
- Dec 30, 2010
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- 12,730
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- 113
Name one thing in this Great Plan which has not been pushed before in past
speeches by ministers. ONE thing.
speeches by ministers. ONE thing.
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
It's simply LHL giving HSK unimportant tasks to do until it is a politically correct time for him to fuck off.
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
from straitstimes.com:
SINGAPORE - Singapore's economic transformation is only meaningful if it brings better jobs and wages for workers and improves their lives, said Minister for National Development Desmond Lee on Monday (May 17).
And the Emerging Stronger Taskforce (EST) has worked closely with the labour movement to address the needs and concerns of workers, and make sure none of them get left behind in the post-Covid-19 economy, he said.
Mr Lee, who co-chairs the task force guiding Singapore's economic recovery from the Covid-19 crisis, was at a press conference after the task force issued its report.
As Singapore reshapes its economy into a node for technology, innovation, and enterprise, workers will be given the help and resources they need to take on the new jobs being created, he said. "We need to enable our workers to play their part in proactively closing skills gaps and preparing for a much more uncertain future."
The task force has submitted its recommendations to the Future Economy Council, and they include strategies to build an agile and strong Singapore core in the workforce.
Task force member and unionist Jessie Yeo said contrary to what some have said, that the "EST's work is actually done 10,000 feet above the ground, and people don't quite understand", there are actually ample opportunities for better job prospects for workers.
For instance, it has piloted a new approach to public-private partnerships through Alliances for Action (AfA), and Ms Yeo recounted how an older bus captain involved in the AfA on autonomous vehicles was initially concerned about his job and having to pick up new skills.
He realised the technology had removed many of the pain points, she said.
"Today, he's very happy that he's able to move in an autonomous vehicle versus (the) traditional (way of) driving a bus on the road."
Mr Lee acknowledged that workers in some sectors may be apprehensive about what the task force's recommendations may mean for them, and said the Government will work closely with the unions and companies to address their concerns.
One recommendation is that the Government make a concerted push to help grow local companies into global champions, or Large Local Enterprises.
Mr Lee gave the example of AEM, which provides testing solutions for semiconductor manufacturing, and has gone from being a contract manufacturer to a global provider of test solutions based on its own core intellectual property.
It saw tremendous growth amid the pandemic, and recorded its highest revenue of over $500 million in the past fiscal year. Its market capitalisation also crossed $1 billion.
Mr Lee promised support to help such companies position themselves at critical nodes in the global value chain and "punch above our weight".
Smaller players will not be left out. Under the AfA on smart commerce, CapitaLand and online shopping platform Shopee had reached out to small and medium enterprises (SMEs) and micro SMEs to help them go from "offline to online and then online to offline".
Said Mr Lee: "It... was a university of smart commerce that enabled operators like Shopee, and others, to be able to work with many SMEs to onboard them because it was for mutual benefit, mutual gain."
Deputy Prime Minister Heng Swee Keat, who chairs the FEC, said Singapore has a variegated landscape of companies of different sizes, productivity, wage levels, and workforce, among others. Among the micro SMEs with revenue below $1 million, some are mom-and-pop shops and others are young startups. "So we need to take a very clear and differentiated approach... a segmented approach to understand the needs of our companies to see how we can work together with them."
For the very small micro SMEs, including neighbourhood shops, there are a number of platform solutions to help them adopt e-payment systems, for instance.
To help the medium enterprises with growth potential, agencies have moved away from pushing particular grants for a specific area they are in charge of to a more company-centric approach that tailors the help based on a company's needs, he noted.
Mr Heng and Mr Lee said the key to helping Singapore companies is to bring them together in one ecosystem. Smaller companies need to work together and "hunt as a pack", so that they will have a good fighting chance when they go overseas, said Mr Lee.
"In this world, size matters. We don't have size all the time or most of the time, but if we can work together and collaborate very efficiently, very effectively, and very innovatively using technology and digitalisation as a spine, and having that positive mindset of collaboration... that gives us a fighting chance not just locally, but to strike at markets overseas as well," he added.
Emerging Stronger Taskforce: S'pore's economic transformation must lead to better jobs, says Desmond Lee
SINGAPORE - Singapore's economic transformation is only meaningful if it brings better jobs and wages for workers and improves their lives, said Minister for National Development Desmond Lee on Monday (May 17).
And the Emerging Stronger Taskforce (EST) has worked closely with the labour movement to address the needs and concerns of workers, and make sure none of them get left behind in the post-Covid-19 economy, he said.
Mr Lee, who co-chairs the task force guiding Singapore's economic recovery from the Covid-19 crisis, was at a press conference after the task force issued its report.
As Singapore reshapes its economy into a node for technology, innovation, and enterprise, workers will be given the help and resources they need to take on the new jobs being created, he said. "We need to enable our workers to play their part in proactively closing skills gaps and preparing for a much more uncertain future."
The task force has submitted its recommendations to the Future Economy Council, and they include strategies to build an agile and strong Singapore core in the workforce.
Task force member and unionist Jessie Yeo said contrary to what some have said, that the "EST's work is actually done 10,000 feet above the ground, and people don't quite understand", there are actually ample opportunities for better job prospects for workers.
For instance, it has piloted a new approach to public-private partnerships through Alliances for Action (AfA), and Ms Yeo recounted how an older bus captain involved in the AfA on autonomous vehicles was initially concerned about his job and having to pick up new skills.
He realised the technology had removed many of the pain points, she said.
"Today, he's very happy that he's able to move in an autonomous vehicle versus (the) traditional (way of) driving a bus on the road."
Mr Lee acknowledged that workers in some sectors may be apprehensive about what the task force's recommendations may mean for them, and said the Government will work closely with the unions and companies to address their concerns.
One recommendation is that the Government make a concerted push to help grow local companies into global champions, or Large Local Enterprises.
Mr Lee gave the example of AEM, which provides testing solutions for semiconductor manufacturing, and has gone from being a contract manufacturer to a global provider of test solutions based on its own core intellectual property.
It saw tremendous growth amid the pandemic, and recorded its highest revenue of over $500 million in the past fiscal year. Its market capitalisation also crossed $1 billion.
Mr Lee promised support to help such companies position themselves at critical nodes in the global value chain and "punch above our weight".
Smaller players will not be left out. Under the AfA on smart commerce, CapitaLand and online shopping platform Shopee had reached out to small and medium enterprises (SMEs) and micro SMEs to help them go from "offline to online and then online to offline".
Said Mr Lee: "It... was a university of smart commerce that enabled operators like Shopee, and others, to be able to work with many SMEs to onboard them because it was for mutual benefit, mutual gain."
Deputy Prime Minister Heng Swee Keat, who chairs the FEC, said Singapore has a variegated landscape of companies of different sizes, productivity, wage levels, and workforce, among others. Among the micro SMEs with revenue below $1 million, some are mom-and-pop shops and others are young startups. "So we need to take a very clear and differentiated approach... a segmented approach to understand the needs of our companies to see how we can work together with them."
For the very small micro SMEs, including neighbourhood shops, there are a number of platform solutions to help them adopt e-payment systems, for instance.
To help the medium enterprises with growth potential, agencies have moved away from pushing particular grants for a specific area they are in charge of to a more company-centric approach that tailors the help based on a company's needs, he noted.
Mr Heng and Mr Lee said the key to helping Singapore companies is to bring them together in one ecosystem. Smaller companies need to work together and "hunt as a pack", so that they will have a good fighting chance when they go overseas, said Mr Lee.
"In this world, size matters. We don't have size all the time or most of the time, but if we can work together and collaborate very efficiently, very effectively, and very innovatively using technology and digitalisation as a spine, and having that positive mindset of collaboration... that gives us a fighting chance not just locally, but to strike at markets overseas as well," he added.
- Joined
- Jul 14, 2008
- Messages
- 89,008
- Points
- 113
from bignewsnetwork.com:
SINGAPORE, May 21 (Xinhua) -- By exploring areas of common interest, the United States and China can eventually arrive at a framework for stable competition, Singapore's Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat said Thursday.
Such competition may be inevitable, but it needs not be zero-sum, Heng said while virtually addressing the 26th International Conference on the Future of Asia.
"Healthy competition can spur innovation to create better solutions to the world's challenges. And by finding common ground to working together even as we compete, we can build on one another's strengths, and achieve more than the sum of our parts," he said.
What is important is that competition be conducted within a stable framework so as to defuse tensions and avoid a situation where differing interests prevent them from cooperating even on common interests, or worse still, escalate into armed conflicts, he said.
China and the United States have a long history of working together in areas of common interest, such as that of combating global health crises, he said.
Noting that the world is now at another crossroads in the fight against the COVID-19 pandemic, Heng said vaccines are in short supply globally, and "vaccine nationalism is a fact that we cannot wish away."
"If we do not step up global cooperation to contain the virus, we may be caught in a vicious cycle of never-ending waves of infection," he said.
"I look forward to closer cooperation and greater global leadership from the U.S. and China on combatting COVID-19 and working towards the post-pandemic recovery," he said.
Singapore's deputy PM expresses hope for stable U.S.-China competition
SINGAPORE, May 21 (Xinhua) -- By exploring areas of common interest, the United States and China can eventually arrive at a framework for stable competition, Singapore's Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat said Thursday.
Such competition may be inevitable, but it needs not be zero-sum, Heng said while virtually addressing the 26th International Conference on the Future of Asia.
"Healthy competition can spur innovation to create better solutions to the world's challenges. And by finding common ground to working together even as we compete, we can build on one another's strengths, and achieve more than the sum of our parts," he said.
What is important is that competition be conducted within a stable framework so as to defuse tensions and avoid a situation where differing interests prevent them from cooperating even on common interests, or worse still, escalate into armed conflicts, he said.
China and the United States have a long history of working together in areas of common interest, such as that of combating global health crises, he said.
Noting that the world is now at another crossroads in the fight against the COVID-19 pandemic, Heng said vaccines are in short supply globally, and "vaccine nationalism is a fact that we cannot wish away."
"If we do not step up global cooperation to contain the virus, we may be caught in a vicious cycle of never-ending waves of infection," he said.
"I look forward to closer cooperation and greater global leadership from the U.S. and China on combatting COVID-19 and working towards the post-pandemic recovery," he said.
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from straitstimes.com:
SINGAPORE - While there are specific areas Singapore can invest in under nine Alliances for Action (AfA), the Emerging Stronger Taskforce conceived of them broadly as three groups of interventions, said its co-chair Mr Tan Chong Meng on Monday (May 17).
They are: sectors where resilience needs to be strengthened and addressed very quickly; those where transformation has to be accelerated; and the ones which promise new growth.
AfAs are private-public partnerships to tackle challenges and seize opportunities, and are a key plank of the task force's work. They involve several companies as well as public sector agencies.
The first group had to make immediate changes in order to find new relevance or new business models, and their workers had to quickly pivot by re-skilling and up-skilling, said Mr Tan, who is group CEO of PSA International.
He cited the AfA on digitalising built environment as an example. It launched a common set of data standards to encourage digital collaboration and integration of work processes across the value chain. "There was a pressing need to increase the resilience of this sector... One uniting force was digitalisation, which could help the companies and workers take on more productive approaches, and also value-added roles," he said.
For sectors where transformation had to be stepped up, he cited how the alliance on robotics developed solutions to address manpower issues and boost productivity in transport and cleaning. It held commercial trials of on-demand private bus services at Singapore Science Park 2 and Jurong Island, to test the commercial viability and public acceptance of autonomous vehicle solutions.
These were done with a view for companies here to export solutions and become global champions, said Mr Tan.
"The use of autonomous solutions in robotics is not foreign in the industrial environment, but in urban spaces and social contexts, many of them are still in the development phases," he said.
As for sectors with potential for growth, Mr Tan cited how the AfA on sustainability identified the voluntary carbon market as an opportunity Singapore is well placed to pursue. It aims to build a marketplace to trade high-quality carbon credits, building on its position in Asia which is a key source of nature-based solutions offsets, its reputation for trust and integrity, and its strengths in professional and financial services and commodity trading.
Said task force co-chair, National Development Minister Desmond Lee: "This growing demand for a green economy, green businesses, green jobs, and green opportunities, presents a chance for Singapore to capture a first-mover advantage."
Mr Tan also cited how the two newer AfAs - on AgriTech and MedTech - have identified areas where Singapore can continue to test and prototype ideas.
The AgriTech AfA is launching a new platform to tackle the issue of scale when it comes to local vegetable production, and could be a launchpad to export AgriTech solutions especially in urban spaces.
Meanwhile, the MedTech AfA has identified in-vitro diagnostics as a key subsector to focus on.
The task force report noted that scaling up these prototypes, and developing solutions to address broader opportunity areas identified by the AfAs, will require sustained effort by industry stakeholders and the Government.
Mr Tan said the themes of digitalisation, connectivity and sustainability, undergirded by strong partnerships that enable local businesses and workers to grow, are inherent across all nine AfAs.
Emerging Stronger Taskforce: Alliances for Action are partnerships to drive productivity, pursue sectors that hold promise
SINGAPORE - While there are specific areas Singapore can invest in under nine Alliances for Action (AfA), the Emerging Stronger Taskforce conceived of them broadly as three groups of interventions, said its co-chair Mr Tan Chong Meng on Monday (May 17).
They are: sectors where resilience needs to be strengthened and addressed very quickly; those where transformation has to be accelerated; and the ones which promise new growth.
AfAs are private-public partnerships to tackle challenges and seize opportunities, and are a key plank of the task force's work. They involve several companies as well as public sector agencies.
The first group had to make immediate changes in order to find new relevance or new business models, and their workers had to quickly pivot by re-skilling and up-skilling, said Mr Tan, who is group CEO of PSA International.
He cited the AfA on digitalising built environment as an example. It launched a common set of data standards to encourage digital collaboration and integration of work processes across the value chain. "There was a pressing need to increase the resilience of this sector... One uniting force was digitalisation, which could help the companies and workers take on more productive approaches, and also value-added roles," he said.
For sectors where transformation had to be stepped up, he cited how the alliance on robotics developed solutions to address manpower issues and boost productivity in transport and cleaning. It held commercial trials of on-demand private bus services at Singapore Science Park 2 and Jurong Island, to test the commercial viability and public acceptance of autonomous vehicle solutions.
These were done with a view for companies here to export solutions and become global champions, said Mr Tan.
"The use of autonomous solutions in robotics is not foreign in the industrial environment, but in urban spaces and social contexts, many of them are still in the development phases," he said.
As for sectors with potential for growth, Mr Tan cited how the AfA on sustainability identified the voluntary carbon market as an opportunity Singapore is well placed to pursue. It aims to build a marketplace to trade high-quality carbon credits, building on its position in Asia which is a key source of nature-based solutions offsets, its reputation for trust and integrity, and its strengths in professional and financial services and commodity trading.
Said task force co-chair, National Development Minister Desmond Lee: "This growing demand for a green economy, green businesses, green jobs, and green opportunities, presents a chance for Singapore to capture a first-mover advantage."
Mr Tan also cited how the two newer AfAs - on AgriTech and MedTech - have identified areas where Singapore can continue to test and prototype ideas.
The AgriTech AfA is launching a new platform to tackle the issue of scale when it comes to local vegetable production, and could be a launchpad to export AgriTech solutions especially in urban spaces.
Meanwhile, the MedTech AfA has identified in-vitro diagnostics as a key subsector to focus on.
The task force report noted that scaling up these prototypes, and developing solutions to address broader opportunity areas identified by the AfAs, will require sustained effort by industry stakeholders and the Government.
Mr Tan said the themes of digitalisation, connectivity and sustainability, undergirded by strong partnerships that enable local businesses and workers to grow, are inherent across all nine AfAs.
- Joined
- Jul 14, 2008
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from straitstimes.com:
SINGAPORE - The world is at another crossroads in the fight against Covid-19, and if it does not step up global cooperation, it may be caught in a vicious circle of never-ending waves of infection.
Such cooperation is possible only if there is a stable global order, one which is increasingly under pressure due to growing strategic competition between the United States and China, said Deputy Prime Minister Heng Swee Keat on Thursday (May 20).
Speaking at the virtual 26th International Conference on the Future of Asia, better known as the Nikkei conference after its organiser Nikkei Inc, Mr Heng said US-China competition is "here to stay" for the foreseeable future.
"For both the US and China, domestic considerations remain paramount. Neither can afford to appear weak nor be seen to be conceding ground to the other," he said.
He noted that even as China marks the politically significant 100th anniversary of the founding of the Communist Party of China this year, in the US, there is strong bipartisan consensus and public support for a tougher approach towards China.
What is important, he said, is that competition be conducted within a stable framework so as to defuse tensions, and to avoid a situation where differing interests prevent both sides from cooperating even on common interests - or worse still, escalate into armed conflict.
"While I believe that competition may be inevitable, it need not be zero sum. It is possible for both sides to find a new mode of constructive competition," he said.
"The key is for both sides to work towards a modus vivendi, of building confidence and trust, and competing within a rules-based multilateral system where there are established rules and norms of engagement. Healthy competition can spur innovation to create better solutions to the world's challenges."
He noted some encouraging steps have been taken, such as the first high-level meeting between both sides in Alaska in March, and early signs of cooperation on climate change.
In April, US and China climate change envoys John Kerry and Xie Zhenhua met in Shanghai to discuss tackling the climate crisis. Chinese President Xi Jinping also attended the Leaders' Summit on Climate hosted by US President Joe Biden.
Mr Heng expressed hope that by building on areas of common interest, both the US and China can eventually arrive at a framework for stable competition.
But he cautioned that US-China strategic competition could intensify. It will not be straightforward to achieve a new equilibrium, as both countries will continue to jostle for strategic influence, particularly in Asia.
He added: "I speak on behalf of many, if not most, countries in the region that we welcome and want to strengthen relations with both the US and China. We hope to engage both constructively. Within South-east Asia, we welcome their continued cooperation and support for Asean centrality and unity.
"But with the ongoing strategic competition, we will need to navigate greater uncertainty and possibly turbulence."
Former president Donald Trump withdrew the US from the deal during his first week in office, leaving 11 other countries negotiating the TPP - including Singapore - to form the trade agreement.
"I know that the current political conditions make it difficult for the US to rejoin, but things are never static, and the US should not rule it out," Mr Heng said.
While the idea of the Biden administration joining the CPTPP trade deal has been floated, significant barriers remain, including domestic considerations within the US.
Another key pact is the Regional Comprehensive Economic Partnership (RCEP), whose next important step is to expedite ratification. A number of countries including Singapore have already done so, and the RCEP remains open to India when it is ready, he said.
"The CPTPP and RCEP are important building blocks for the region and for the world. The door remains open for other like-minded partners to join us. Both agreements also serve as pathfinders for a possible FTA of the Asia-Pacific, one which should include the US, China, and India.
"Such an FTA will shape economic relationships and the region's geostrategic landscape for years to come."
Mr Heng said Asia can continue to maintain constructive dialogue on difficult issues such as the Korean Peninsula, Taiwan Strait, South China Sea and Myanmar.
Many of these are long-standing issues with entrenched positions by the stakeholders, said Mr Heng, and while there are no easy solutions to bridge the divergent interests, major conflict could have catastrophic consequences.
"So, the region must do what we can to reduce the risk of miscalculations, and prevent situations from boiling over."
Countries must also invest in emerging opportunities across borders, so that they can raise living standards and share in one another's growth, Mr Heng said.
One area is the huge infrastructure needs in the region. He noted that the funding gap in developing Asia, estimated at US$1.7 trillion (S$2.3 trillion) per year before Covid-19, would have increased since then.
No government would be able to fund these projects on its own, he said. Greater collaboration between countries, multilateral development banks and the private sector is needed to enhance collective capacity.
Japan, where households are holding on to almost US$10 trillion in cash and deposits, can consider investing some of these monies to earn returns while improving lives, Mr Heng said.
Countries can also collaborate on environmental sustainability, he said - not just in terms of natural capital, but also in ensuring high standards of quality and verifiability of carbon credits, and developing vibrant exchanges for these credits to be traded.
Mr Heng expressed optimism that Asian countries can navigate this difficult period by strengthening partnerships, investing in one another, and taking a constructive approach to handling hot spots in the region.
"In this way, Asia and the world can emerge stronger together from Covid-19, and contribute to a better global order."
Global cooperation and stable world order essential to overcome Covid-19 pandemic: DPM Heng
SINGAPORE - The world is at another crossroads in the fight against Covid-19, and if it does not step up global cooperation, it may be caught in a vicious circle of never-ending waves of infection.
Such cooperation is possible only if there is a stable global order, one which is increasingly under pressure due to growing strategic competition between the United States and China, said Deputy Prime Minister Heng Swee Keat on Thursday (May 20).
Speaking at the virtual 26th International Conference on the Future of Asia, better known as the Nikkei conference after its organiser Nikkei Inc, Mr Heng said US-China competition is "here to stay" for the foreseeable future.
"For both the US and China, domestic considerations remain paramount. Neither can afford to appear weak nor be seen to be conceding ground to the other," he said.
He noted that even as China marks the politically significant 100th anniversary of the founding of the Communist Party of China this year, in the US, there is strong bipartisan consensus and public support for a tougher approach towards China.
Competing constructively and building trust
It is not unusual for major powers to have disagreements or to compete for influence, said Mr Heng.What is important, he said, is that competition be conducted within a stable framework so as to defuse tensions, and to avoid a situation where differing interests prevent both sides from cooperating even on common interests - or worse still, escalate into armed conflict.
"While I believe that competition may be inevitable, it need not be zero sum. It is possible for both sides to find a new mode of constructive competition," he said.
"The key is for both sides to work towards a modus vivendi, of building confidence and trust, and competing within a rules-based multilateral system where there are established rules and norms of engagement. Healthy competition can spur innovation to create better solutions to the world's challenges."
He noted some encouraging steps have been taken, such as the first high-level meeting between both sides in Alaska in March, and early signs of cooperation on climate change.
In April, US and China climate change envoys John Kerry and Xie Zhenhua met in Shanghai to discuss tackling the climate crisis. Chinese President Xi Jinping also attended the Leaders' Summit on Climate hosted by US President Joe Biden.
Mr Heng expressed hope that by building on areas of common interest, both the US and China can eventually arrive at a framework for stable competition.
But he cautioned that US-China strategic competition could intensify. It will not be straightforward to achieve a new equilibrium, as both countries will continue to jostle for strategic influence, particularly in Asia.
He added: "I speak on behalf of many, if not most, countries in the region that we welcome and want to strengthen relations with both the US and China. We hope to engage both constructively. Within South-east Asia, we welcome their continued cooperation and support for Asean centrality and unity.
"But with the ongoing strategic competition, we will need to navigate greater uncertainty and possibly turbulence."
How Asia can emerge stronger from Covid-19
To emerge stronger from the crisis, Asia can further strengthen the regional architecture and partnerships, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mr Heng said.Former president Donald Trump withdrew the US from the deal during his first week in office, leaving 11 other countries negotiating the TPP - including Singapore - to form the trade agreement.
"I know that the current political conditions make it difficult for the US to rejoin, but things are never static, and the US should not rule it out," Mr Heng said.
While the idea of the Biden administration joining the CPTPP trade deal has been floated, significant barriers remain, including domestic considerations within the US.
Another key pact is the Regional Comprehensive Economic Partnership (RCEP), whose next important step is to expedite ratification. A number of countries including Singapore have already done so, and the RCEP remains open to India when it is ready, he said.
"The CPTPP and RCEP are important building blocks for the region and for the world. The door remains open for other like-minded partners to join us. Both agreements also serve as pathfinders for a possible FTA of the Asia-Pacific, one which should include the US, China, and India.
"Such an FTA will shape economic relationships and the region's geostrategic landscape for years to come."
Mr Heng said Asia can continue to maintain constructive dialogue on difficult issues such as the Korean Peninsula, Taiwan Strait, South China Sea and Myanmar.
Many of these are long-standing issues with entrenched positions by the stakeholders, said Mr Heng, and while there are no easy solutions to bridge the divergent interests, major conflict could have catastrophic consequences.
"So, the region must do what we can to reduce the risk of miscalculations, and prevent situations from boiling over."
Countries must also invest in emerging opportunities across borders, so that they can raise living standards and share in one another's growth, Mr Heng said.
One area is the huge infrastructure needs in the region. He noted that the funding gap in developing Asia, estimated at US$1.7 trillion (S$2.3 trillion) per year before Covid-19, would have increased since then.
No government would be able to fund these projects on its own, he said. Greater collaboration between countries, multilateral development banks and the private sector is needed to enhance collective capacity.
Japan, where households are holding on to almost US$10 trillion in cash and deposits, can consider investing some of these monies to earn returns while improving lives, Mr Heng said.
Countries can also collaborate on environmental sustainability, he said - not just in terms of natural capital, but also in ensuring high standards of quality and verifiability of carbon credits, and developing vibrant exchanges for these credits to be traded.
Mr Heng expressed optimism that Asian countries can navigate this difficult period by strengthening partnerships, investing in one another, and taking a constructive approach to handling hot spots in the region.
"In this way, Asia and the world can emerge stronger together from Covid-19, and contribute to a better global order."
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Seriously, who among the world leaders will give half a shit about what Singapore says?
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