Committee of Supply 2023 debate, Day 3: Gan Kim Yong on industry transformation as the 'only viable path' to long-term success
2023 will likely not be an easy year for businesses and the Government will not hesitate to provide targeted support where needed, said Trade and Industry Minister Gan Kim Yong. Speaking in Parliament on Tuesday (Feb 28), he stressed that Singapore must not lose sight of the longer-term future, as it pursues the Singapore Economy 2030 vision. Mr Gan said it will require hard work, and in some cases sacrifices. Companies and workers must be prepared and ready for transformation. In the face of rising costs, biting resource constraints and a more challenging international environment, this is the "only viable path to long-term growth and success", he said. One centrepiece in this transformation journey is the Services 2030 vision, which seeks to harness the growth opportunities in digitalisation and sustainability, and anchor Singapore as a leading and vibrant hub for businesses, lifestyle and tourism. Mr Gan pointed out that the services cluster encompasses very diverse sectors. It is also very large, accounting for around 70 per cent of Singapore's GDP. In particular, the Modern Services cluster comprises some of the fastest-growing sectors in the economy. He said within this decade, Singapore aims to grow the value-added from the Modern Services cluster by at least 50 per cent and create more than 100,000 additional jobs in the same period. Turning to the Professional Services Industry Transformation Map 2025 (ITM 2025), Mr Gan said it will play an important role in strengthening Singapore’s role as a leading business hub. He said the Professional Services sector is well-positioned to seize opportunities for business growth driven by digitalisation, sustainability, emerging markets and new customer segments in Southeast Asia. The Government will work with stakeholders to help Singaporeans upskill and reskill to tap on opportunities and realise their career aspirations. Mr Gan highlighted the role of Singapore's 23 ITMs in leading the way in economic growth and industry transformation. While the COVID-19 pandemic has disrupted their progress, Singapore has since embarked on a refresh of its ITM strategies, called the ITM 2025 refresh, to address emerging priorities, such as sustainability and greater economic resilience. "In essence, the ITMs reflect the story of our economic development and constant transformation to respond to challenges and stay ahead of the curve," said Mr Gan. He urged everyone to do their part to ensure that Singapore continues to "punch above our weight on the global stage" and build a strong and vibrant economy for future generations.
2023 will likely not be an easy year for businesses and the Government will not hesitate to provide targeted support where needed, said Trade and Industry Minister Gan Kim Yong. Speaking in Parliament on Tuesday (Feb 28), he stressed that Singapore must not lose sight of the longer-term future, as it pursues the Singapore Economy 2030 vision. Mr Gan said it will require hard work, and in some cases sacrifices. Companies and workers must be prepared and ready for transformation. In the face of rising costs, biting resource constraints and a more challenging international environment, this is the "only viable path to long-term growth and success", he said. One centrepiece in this transformation journey is the Services 2030 vision, which seeks to harness the growth opportunities in digitalisation and sustainability, and anchor Singapore as a leading and vibrant hub for businesses, lifestyle and tourism. Mr Gan pointed out that the services cluster encompasses very diverse sectors. It is also very large, accounting for around 70 per cent of Singapore's GDP. In particular, the Modern Services cluster comprises some of the fastest-growing sectors in the economy. He said within this decade, Singapore aims to grow the value-added from the Modern Services cluster by at least 50 per cent and create more than 100,000 additional jobs in the same period. Turning to the Professional Services Industry Transformation Map 2025 (ITM 2025), Mr Gan said it will play an important role in strengthening Singapore’s role as a leading business hub. He said the Professional Services sector is well-positioned to seize opportunities for business growth driven by digitalisation, sustainability, emerging markets and new customer segments in Southeast Asia. The Government will work with stakeholders to help Singaporeans upskill and reskill to tap on opportunities and realise their career aspirations. Mr Gan highlighted the role of Singapore's 23 ITMs in leading the way in economic growth and industry transformation. While the COVID-19 pandemic has disrupted their progress, Singapore has since embarked on a refresh of its ITM strategies, called the ITM 2025 refresh, to address emerging priorities, such as sustainability and greater economic resilience. "In essence, the ITMs reflect the story of our economic development and constant transformation to respond to challenges and stay ahead of the curve," said Mr Gan. He urged everyone to do their part to ensure that Singapore continues to "punch above our weight on the global stage" and build a strong and vibrant economy for future generations.
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