THE industry transformation map for the infocomm media sector launched in 2017 has been updated to sharpen its focus on the infocomm segment, which includes sub-sectors such as software, information technology services, online services and telecommunication services.

Under the refreshed plan, the government aims to strengthen the global interconnectedness of Singapore’s digital economy, and offer support to tech companies, so they can achieve higher local value-add and create good jobs in the sector.

The updated version, launched on Friday (May 5) by Deputy Prime Minister Lawrence Wong, is expected to grow the number of well-paying jobs in the infocomm industry to 80,000 by 2025.

It is also expected to bring about real value-added compound annual growth rate of between 5 per cent and 7 per cent for Singapore from 2020 to 2025, said Digital Industry Singapore, which is a joint office of the Economic Development Board, Enterprise Singapore and the Info-communications Media Development Authority.

It is also on track to achieve real value-added compound annual growth rate of between 1.5 per cent and 3 per cent for each worker over the same period, said Digital Industry Singapore in a statement.

Some initiatives under the refreshed plan are:

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• Expanding the network of digital-economy agreements to promote cross-border data flows, establish data norms and encourage other forms of digital collaboration;

• Building up the network of subsea cables and investing in 5G networks;

• Anchoring the research and product development of tech multinational corporations in Singapore, and strengthening their linkages with the local ecosystem;

• Grow locals into globally competitive industry leaders by deepening their strategic capabilities and intensifying internationalisation efforts;

• Widen the stable of fast-growth companies by attracting highly innovative startups;

• Developing locals with specialised skills for in-demand tech roles with local companies.

Digital Industry Singapore added that it will focus on the competitiveness and attractiveness of Singapore’s business ecosystem to globally competitive infocomm companies keen on capitalising on Asia’s growth.