Singapore unveils Industry Transformation Map for wholesale trade

THE Wholesale Trade Industry Transformation Map (ITM) kicked off on Wednesday, with strategies to build our own digital marketplaces, grow a vibrant ecosystem of wholesale traders in Singapore and build talent pipeline to support the transformation, among others.

Four memoranda of understanding (MOUs) were signed on trade digitalisation project and programmes to build talent with the right skillsets for the industry.

Minister for Trade and Industry (Industry) S Iswaran officiated the launch of the ITM at International Enterprise Singapore's event "Digitalisation of Trade - New Mindsets, New Skillsets".

The ITM will help companies digitalise to enhance global growth and productivity, and targets to create 10,000 new jobs by 2020.

It also aims to achieve real value-add CAGR (compound annual growth rate) of 3.3 per cent to 3.5 per cent between 2016 and 2020 and a real productivity CAGR of 2.5 per cent to 2.6 per cent for the same period.

The wholesale trade industry in Singapore accounts for 12 per cent of Singapore's gross domestic product (GDP) in 2016.

It comprises of over 34,000 firms, providing livelihoods for more than 325,000 employees, which accounts for 9 per cent of Singapore's workforce in 2016.

Several strategies to achieve the goals include building up digital connectivity through digital trade facilitation platforms, foreign exchange conversion solutions and onboarding small and medium enterprises (SMEs) to digital marketplaces.

To develop emerging skillsets for digitalisation and internationalisation, the ITM also looks to prepare job-ready graduates through specialised trade programmes and on-job training, as well as identify job opportunities for local PMETs (professionals, managers, executives and technicians) through active placement and reskilling.