Endemic Covid-19 situation will bring fresh economic opportunities: Gan Kim Yong

SINGAPORE seeks to reopen its economy and borders after transitioning to a Covid-19 endemic state, which would gradually return economic activities to normal.

Shifting to endemic status means that while the virus may be present in the community, effective vaccination, testing and treatment regimes will minimise the need to be hospitalised or administer medication to affected patients.

Minister for Trade and Industry Gan Kim Yong said: "We have been working closely with the industry to enable us to seize opportunities when economic activity resumes, building on the momentum of our Industry Transformation Maps (ITMs) and recommendations from the Emerging Stronger Taskforce."

In April this year, Deputy Prime Minister Heng Swee Keat shared that the ITMs will be refreshed over the next five years to realign to a post-Covid-19 world.

Mr Gan asserted that Singapore will be positioned as a "critical node in the growing digital economy". This will be done, he said, "by strengthening our connectivity through Digital Economy Agreements, platforms like Business sans Borders, and supporting more businesses to digitalise".

The Ministry of Trade and Industry will also equip enterprises and the workforce with competitive advantages like sustainability, in line with the Singapore Green Plan 2030. This will place Singapore as a carbon trading and services hub, and a green financing hub, according to Mr Gan.

While the Republic has natural disadvantages such as size and resource scarcity, Mr Gan maintained that these will not limit growth prospects if efforts are made to keep Singapore's economy competitive.

He said: "An endemic Covid-19 situation will bring fresh opportunities to rebuild our competitive strengths and to develop new strengths. We hope to partner businesses and workers over the next few years in seizing these opportunities and emerge stronger together."

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes