Budget 2016: Industry Transformation Programme to create value and drive growth

The new Industry Transformation Programme will help firms and industries to create new value and drive growth in four ways, said Finance Minister Heng Swee Keat in Parliament on Thursday.

First, it will involve integrating different restructuring efforts already in place. While existing efforts to raise productivity, develop people, and drive research and innovation are working, Mr Heng said it was possible to maximise the impact by pulling these together.

Second, the government will also take a more targeted and sector-focused approach to better meet the needs of firms in each sector.

Third, there are plans to deepen partnerships between government and industry, and among industry players to identify challenges and develop solutions to support transformation.

Lastly, Mr Heng said there will be a stronger emphasis on technology adoption and innovation.