The Business Times
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SM Teo warns businesses about ‘just-in-case’ costs amid climate change, supply chain glitches

Separately, Temasek chief Dilhan Pillay urges Asean to tap opportunities in the green economy and India

Sharanya Pillai

Sharanya Pillai

Published Wed, Jul 24, 2024 · 05:24 PM
    • Senior Minister Teo Chee Hean, speaking at the Singapore Apex Business Summit on Wednesday (Jul 24), says that short-term costs may go up for businesses taking the "just in case" route, but it is the more resilient strategy.
    • Senior Minister Teo Chee Hean, speaking at the Singapore Apex Business Summit on Wednesday (Jul 24), says that short-term costs may go up for businesses taking the "just in case" route, but it is the more resilient strategy. PHOTO: SINGAPORE BUSINESS FEDERATION

    COMPANIES may have to contend with “just-in-case” costs while building resilience against global challenges, which range from climate change to supply-chain disruptions, said Senior Minister Teo Chee Hean on Wednesday (Jul 24).

    Speaking to business leaders at the Singapore Apex Business Summit, he said: “‘Just-in-case’ means diversifying your entire business, including markets, products, the locations of your facilities, and even the people you hire.”

    He added: “Expanding into new markets can mitigate localised economic downturns and sudden restrictions in market access. Establishing production facilities across different regions can help to reduce concentration risk and supply disruption.”

    Climate changeSupply chainsBusiness risks

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