BY ESTHER AU YONG

TALENT continues to be the buzzword for Singapore, as recommended by two sub-committees of the Economic Strategies Committee (ESC).

A way of drawing them to use Singapore as a gateway to other Asian markets: develop a research body, the Institute of Asian Consumer Insights.

It will conduct research activities in fields such as sensory and psychoanalytical research, develop cutting-edge data gathering and analytics tools, and create innovative platforms to capture, analyse and draw conclusions from consumer data.

This will build on Singapore's unique capabilities in, and knowledge of, the Asian consumer market, the ESC sub-committee charged with developing a vibrant and diverse corporate ecosystem said.

Economic Development Board chairman Leo Yip, who co-chaired the sub-committee, said yesterday: "Because we are a global business city, we have, through companies' activities here, a huge amount of consumer data.

"Singapore is a trusted location for data analysis and we have a certain capability when it comes to consumer analytics."

With other factors, such as Singapore's location at the crossroads of international trade, companies can come here to "glean insights into consumer trends and make use of that to shape their consumer and business strategies", he said.

Industry leaders such as Ms Claire Koch, the managing director of Insight Asia, a consumer research firm headquartered regionally in Singapore, see this as a positive development.

She said: "We see international companies scrambling to get a better and deeper grasp of the various markets within Asia. A 'one size fits all' regional perspective is no longer enough.

"Singapore can become a centre of excellence for Asian consumer insights... Singapore offers a unique environment, at the crossroads of developed and developing Asia, providing fertile ground for the dynamic cross-pollination of ideas."

Her firm made Singapore its regional base "to connect more effectively with global clients and opportunities", she said.

The ESC also recommended that Singapore make itself useful to potential investors by developing the professional-services sector, including legal, audit, and marketing services.

This would attract not only multinational corporations (MNCs) to set up shop here, but also mid-sized companies and Asian enterprises looking to make their global foray from Singapore.

These companies need access to "Asia-ready" and "global-ready" talent, said Mr Yip.

Meanwhile, to support this drive to develop and strengthen talent, the Government should attract more world-class universities to run programmes here.

These world-class universities would provide avenues for Singaporeans to pursue quality education, and also attract global talent, the ESC said.

Singapore should also partner global companies to stage their corporate talent-development activities for Asia here.

This can be done by setting up talent centres of excellence in key sectors. An example would be the Asian equivalentof the renowned Centre for Ships and Ocean Structures at the Norwegian University of Science and Technology.

This drive to improve the talent pool here was also supported by the ESC's sub-committee on growing knowledge capital.

Its key recommendations include increasing collaboration between public- and private-sector researchers, and establishing research-and-development consortia involving a mix of MNCs and local enterprises.

The ESC also suggested expanding the marketplace of ideas by attracting innovative foreign start-ups and small and
medium-sized enterprises.

Universities here should also nurture entrepreneurship through seed funding and the recruitment of faculty with entrepreneurial skills, among others.

KEY RECOMMENDATIONS

Developing a vibrant and diverse corporate ecosystem

• Develop "Asia-ready" and "global-ready" managerial talent who have the required cultural familiarity, established links and expertise to help firms move into their intended markets.
  
  
• Develop Singapore as a global talent centre in Asia by attracting more world-class universities, encouraging establishment of corporate universities and creating talent centres of excellence.
  
  
• Strengthen expertise with a pan-Asian focus within the professional-services sector in fields such as market intelligence, business services, analytics, regulatory knowledge, and marketing and branding services.
  
  
• Develop Singapore as a "living lab" for businesses to conceptualise, co-create, test-bed and commercialise solutions for global and Asian markets.
  
  
• Establish an Institute of Asian Consumer Insights.

Growing knowledge capital

• Sustain commitment to public sector basic research and mission-oriented research and development.
  
  
• Create platforms to enable the private sector to help shape the public-research agenda.
  
  
• Enable public-sector infrastructure and facilities to be used for test-bedding by the private sector.
  
  
• Encourage universities to nurture future entrepreneurs and raise proportion of Singaporeans and permanent residents in the cohort of PhD candidates here.

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