From enterprise transformation to better jobs for Singaporeans: What more can be done?

GLOBAL economic headwinds and the Covid-19 outbreak have invariably created near-term business challenges. Notwithstanding this, Singapore enterprises need to continue to hone in on their digitalisation, productivity and innovation efforts to build up their long-term competitive strengths and be ready to seize the opportunities when the economy recovers.

Singapore has adopted a unique approach to encourage enterprises and workers to stay relevant and competitive through good and bad times. In the Budget 2020 statement, Deputy Prime Minister and Minister for Finance Heng Swee Keat highlighted the concept of a "virtuous cycle", where the government helps enterprises to embark on their digital transformation, which in turn would lead to enterprises investing in upskilling their workforce and creating better, higher value jobs for locals. This upskilled workforce then contributes back to the acceleration of business growth for their organisations, and drives their personal career growth and rewards prospects.

This concept builds on the momentum that Singapore gained over the last five years, such as the SkillsFuture initiative and implementation of the 23 Industry Transformation Maps, all aimed at supporting enterprises in their digital transformation, and driving upskilling efforts among the local workforce. The measures announced in Budget 2020 are encouragingly comprehensive and we look forward to more clarity and certainty in the Committee of Supply (COS) debates around these five key areas: