The FEC will oversee the implementation of the recommendations put forth by the Committee on the Future Economy (CFE), and will build on the work of the earlier Council for Skills, Innovation and Productivity, which includes SkillsFuture initiatives and Industry Transformation Maps.
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Emerging Stronger Taskforce
To oversee the longer-term work of responding to the structural shifts in our economy, the Emerging Stronger Taskforce was set up under the Future Economy Council (FEC).
Chaired by Minister for Social and Family Development and Second Minister for National Development, Desmond Lee, and PSA International Group CEO, Tan Chong Meng, the Taskforce comprises business leaders with rich experience in key areas such as digitalisation and connectivity, and with broad perspectives on the global economy. The Taskforce also works closely with the six clusters under the FEC, as well as with intermediaries such as Trade Associations and Chambers.
Singapore Together Alliances for Action
Singapore needs to act quickly and decisively in order for our economy to emerge stronger from the COVID-19 crisis. To this end, the Emerging Stronger Taskforce has convened Singapore Together Alliances for Action (“Alliances”), which are industry-led coalitions that will act on key growth areas for Singapore.
Seven Alliances have been formed. These are:
|(i) Digitalising the Built Environment
Digitalisation has been a key thrust of the Industry Transformation Maps (ITMs) under the Future Economy Council (FEC)’s Built Environment (BE) Cluster. Even as the industry copes with the challenges arising from COVID-19, the crisis has increased collaboration across all parts of the BE value chain. This is thus a window of opportunity to accelerate the digitalisation push to raise productivity across the BE value chain – from concept and design, to construction and site management, and facilities management.
COVID-19 has accelerated the global adoption of EduTech, from home-based learning to online professional education and training. This is an opportunity for Singapore to take our education and human capital brand global.
|(iii) Enabling Safe and Innovative Visitor Experiences
COVID-19 has fundamentally changed travel and tourism. In this new normal, Singapore must pioneer new ways to enable safe transit, safe business, and safe leisure travel and tourism. This is to ensure that Singapore remains a Global-Asia node, and a leading hub for business and enterprise in Asia Pacific, despite a potentially long COVID-19 shadow.
|(iv) Facilitating Smart Commerce in Singapore
While COVID-19 has accelerated e-commerce adoption among consumers and retailers (especially SMEs), physical retail is likely to persist in Singapore due to the convenience of neighbourhood stores and retail hubs situated next to transport nodes (e.g. MRT stations, bus interchanges). We therefore have the conditions to create a ‘smart commerce’ ecosystem that blends digital and physical retail, and allows local stores to tap into a global consumer market. Such a system would require the complete reimagination of the online and offline shopping experience.
The pursuit of higher productivity and solving manpower challenges remain key for Singapore. At the centre of this is the use of technology and robotics solutions to improve productivity, transform existing jobs and create new ones, generate spinoffs for SMEs, and drive economic growth. At the same time, Singapore has had to adopt novel and innovative solutions to minimise social contact and maintain high health standards during COVID-19 – from cleaning and construction robots to autonomous healthcare and public land transport systems.
|(vi) Supply Chain Digitalisation
Digitalisation of global supply chains has been uneven and hampered by low adoption, lack of data sharing, and a preponderance of different platforms. With stronger concerns about supply chain resilience, and a likely move towards regionalised supply chains post-COVID-19, there will be increased demand for end-to-end adoption. It presents a huge opportunity for advancing digitalisation technology and usage for our supply chain ecosystem players (logistics, regulatory, and financial) and cargo owners alike.
The focus on sustainability and on environmental, social, and governance (ESG) standards is likely to increase post-COVID-19. This provides the opportunity to become a centre for ESG-related solutions and services, serving our own commitments as well as global demand. The services will need to leverage on policy frameworks, technology, financial and legal ecosystems – all Singapore’s strengths. Can Singapore capitalise on this and become the Little Green Dot?