All 23 ITMs to be refreshed by end-2022: Heng Swee Keat

EACH of the 23 Industry Transformation Maps (ITMs) will be refreshed to meet the accelerated changes brought about by Covid-19, said Deputy Prime Minister Heng Swee Keat on Monday.

He added that the aim is to complete the update of the ITMs' sectoral strategies by the end of next year.

"We have seen encouraging progress since embarking on our ITM journey in 2016," said Mr Heng, who chairs the Future Economy Council (FEC) overseeing the ITMs.

He noted that Singapore's overall labour productivity, as measured by real value added per actual hours worked, rose by 2.7 per cent per annum from 2016 to 2019, up from 2.2 per cent in the preceding three years.

Real median income from work for Singaporeans employed full-time, including employers' CPF contributions, rose by 3.7 per cent per annum from 2016 to 2019, higher than the 3.2 per cent per annum growth in the preceding three years.

"Up till 2019, our ITMs have been progressing well, with most of them on track to meet their targets," said Mr Heng. "Unfortunately, Covid-19 disrupted this progress. Some of our ITM sectors such as air transport, hotels and retail, were badly hit and will take time to recover."

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He added: "Beyond the immediate impact, Covid-19 has also accelerated long-term structural trends such as digital transformation, a review of globalisation and a focus on sustainability. We must therefore build on the head start and progress that we have made in the last five years, and refresh our ITMs to meet the accelerated changes brought about by Covid-19."

Member of Parliament Sharael Taha (Pasir Ris-Punggol-GRC) asked whether the ITMs would incorporate some of the lessons learnt from Covid-19, to better prepare Singapore for the future. As an example, he asked whether the manufacturing industry's ITM would incorporate the capability for the production of vaccines or personal protective equipment (PPE).

In reply, Mr Heng affirmed that the ITMs would take into account the lessons learned from the pandemic. To the specific question of vaccine production in manufacturing, he said: "The economic agencies have been working very hard on this, and I would leave them to provide the announcement.

"All I can say is that I have provided sufficient budgetary support for us to secure some of these sites, and some of these projects," he quipped.

Mr Heng said the refresh of the ITMs will be complemented by the work of the Emerging Stronger Taskforce and its Singapore Together Alliances for Action (AfAs), which he said had served as "pathfinders" to help Singapore seize immediate opportunities even amid Covid-19. He also affirmed the continued importance of tripartite partnerships.

The ITMs were launched in 2016 under the auspices of the FEC, as roadmaps to drive transformation for 23 industries across six clusters: manufacturing, built environment, trade and connectivity, essential domestic services, modern services and lifestyle.

The Emerging Stronger Taskforce was launched last May, upon the onset of Covid-19, to provide recommendations to the FEC on Singapore's post-pandemic economy. In June, the EST convened seven AfAs, which are industry-led coalitions, to act on growth opportunities.