An idea raised early in the CFE process, the ITMs were announced at Budget 2016 and are already being implemented. Six Industry Transformation Maps (ITMs) have been launched thus far and they will cover 23 industries and about 80% of the economy by the end of FY2017. ITMs bring together industry partners, trade associations and chambers (TACs), unions, and public agencies to help each industry.
The CFE’s recommendations are as follows:
- We should continue to adopt a tailored approach for each industry so we are focused on where the potential can be best realised in each case. For example, there are industries with good growth prospects because they can take advantage of global opportunities and rapidly-improving technology. ITMs for these industries will help companies to upgrade their capability so they can seize these opportunities and create good jobs.
- We should enhance the ITMs by adopting a cluster approach to maximise synergies across industries. For example we can leverage on skills adjacencies between industries to support the provision of skilled manpower to both in the food and hospitality sectors – such as in the food services and hospitality sectors, which need similar skills.