THE Government is setting up teams to develop roadmaps for more than 20 economic sectors as part of efforts to get Singapore's companies future-ready.
In his first comments since the Budget on Thursday, Finance Minister Heng Swee Keat said yesterday these Industry Transformation Maps, as they are known, are tailored to the needs of each industry and aim to lift productivity, invest in skills, drive innovation and promote internationalisation.
These will chart the path for industries covering 80 per cent of the nation's economic output.
The maps will feature plans on how to strengthen integration across companies within the specific sector through collaborations, noted Mr Heng. He was speaking on the sidelines of a visit to precision engineering firm Feinmetall Singapore in Marsiling.
Feinmetall general manager Sam Chee Wah said precision engineering companies would certainly benefit from sharing resources, such as infrequently used equipment.
"I have expensive measurement equipment that cost about $300,000, which I only use once a month or once a week. So, it would be good if we had a system where, if fellow SMEs need to use it, they could come and use it," he said.
The Industry Transformation Maps come under the $4.5 billion Industry Transformation Programme unveiled in the Budget last week.
The teams for each sector will comprise officers from agencies such as the Singapore Economic Development Board (EDB), Spring Singapore, IE Singapore and the Workforce Development Agency of Singapore.
These "cluster champions" will lead the development of the roadmaps.
They will engage trade associations and companies in efforts that will bring to life the Budget's theme of "Partnering for the Future".
"If we want a more vibrant economy, we need that vibrant partnership," Mr Heng said.
"I'm hoping to give this a much bigger push because the challenges that we're going to face will be much more complex and diverse.
"It's going to be a much more fast-moving world and, therefore, our ability to respond to changes requires us to pool our knowledge together in a much more targeted fashion and in a way that allows us to create solutions and have those solutions proliferate."
Discussions on the plans for logistics and precision engineering are at a "far more advanced stage" said Mr Heng, adding that food and beverage, retail and tourism will also get their own roadmaps.
Minister of State for Trade and Industry Koh Poh Koon, who was also at the site visit, elaborated that the EDB has been appointed the lead agency for the precision engineering roadmap.
Singapore Business Federation chief executive Ho Meng Kit said it will make a bigger push to get companies to venture abroad by stepping up its advocacy and advisory work.
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