Government agencies whose work relates to transforming the economy have released their addenda to the President's Address delivered on Aug. 24, outlining their specific plans under the theme “Weathering the Storm & Seizing New Opportunities to Transform Our Economy”.

These are the Ministry of Trade and Industry (MTI), the Ministry of Manpower (MOM), the Ministry of Communications and Information (MCI), and two agencies under the Prime Minister's Office (PMO), namely, the Monetary Authority of Singapore (MAS) and the National Research Foundation (NRF).

MTI: Support for different types of sectors

Trade and industry minister Chan Chun Sing said that MTI identified three different kinds of sectors impacted by Covid-19, and the support it would provide for each:

1. Sectors that could continue to grow, such as biomedical sciences, electronics, financial services, and the digital economy — MTI will help companies in the sector expand, to generate business for other companies and jobs for Singaporeans.
2. Sectors which "will eventually recover", such as aerospace, and marine and offshore — MTI will help these companies "generate fresh revenue" and become more cost efficient.
3. Sectors which are permanently changed, such as the entertainment business, and "mass market tourism" — MTI will help them "pivot to new markets and products", and support their workers in the event of shutdowns or retrenchment.

Chan also said that MTI would support local entrepreneurship and boost business investment, which would ultimately create more jobs as well.

Ensuring Singapore stays connected to the world

Chan stressed the importance of helping Singapore adapt to changes to the world economy.

He highlighted several challenges, such as increased tensions between major powers, global companies reorganising supply chains and workers in Singapore becoming more exposed to global competition.

In light of this, Chan said that MTI would strengthen Singapore's links to the world, working with other countries to keep trade routes open so that Singapore can continue to trade internationally.

Chan outlined a few initiatives to further this:

• Digital Economy Agreements (DEAs), which facilitate trade in the digital economy, making it easier for companies to manage their digital services here, and which Singapore has already signed with countries such as Australia.
• Developing new transport solutions to attract traders and logistics companies to use Singapore as a hub.
• Improving connectivity, enabling companies to diversify the sources for their supplies, and to reach customers more readily.

MCI: Creating jobs, digitalising the workforce and economy

MCI will ramp up on creating openings for jobs, traineeships and skills upgrading in the Information and Communications Technology (ICT) sector, for both fresh graduates and mid-career professionals.

Communications and information minister S. Iswaran explained that the jobs will be in growth areas, such as cloud computing, artificial intelligence, cyber security and data analytics.

Iswaran also said that MCI will increase its efforts to digitalise the country’s Small and Medium Enterprises (SMEs), which employ almost 70 per cent of the workforce.

This takes the form of initiatives such as:

• The Digital Resilience Bonus (DRB) providing targeted financial assistance for the Retail and Food Services sectors
• Start Digital Packs
• The Productivity Solutions Grant
• "Grow Digital" e-commerce platforms for SMEs to access overseas markets

In addition, the ministry will support the growth of certain local companies working in areas such as AI, cybersecurity, communications, and digital platform services.

Making digital access available to all

MCI also aims to ensure that all Singaporeans, particularly vulnerable groups such as low-income seniors and families, can afford digital access.

This will give Singaporeans the digital skills and literacy needed to go online safely and confidently, so that they can benefit from digitalisation, added Iswaran.

MCI will also keep Singapore’s cyberspace secure by strengthening cybersecurity, particularly for systems providing essential services, such as energy, telecommunications and water.

MOM: Helping workers and companies

MOM intends to help workers and companies tackle the economic disruptions brought about by the pandemic. This includes adjusting foreign workforce policies, such as by raising the salary criteria for EP and S Passes.

MOM will also ensure employers uphold the Fair Consideration Framework, in order to ensure fairness and inclusiveness at workplaces.

Support will also be given to help newly-displaced workers return to meaningful employment.

MAS: Ensuring stability in banking and finance

Senior Minister Tharman Shanmugaratnam, Minister-in-charge of MAS, stated that they will continue to sustain the safety and soundness of our financial sector, as this would be critical to support the economy during a downturn.

On top of its usual role as a regulator, MAS provided a "comprehensive package" of measures to help businesses meet their loan and insurance commitments so they can tide through the crisis.

Preparing workers for financial sector jobs

In Apr. 2020, MAS launched a S$125 million support package for training and manpower costs for over 900 newly-hired Singaporeans in financial institutions. This will help to ensure that the financial system is in better shape after the pandemic.

Tharman added:

"[Financial institutions (FIs)] have also committed to hire significant numbers under the various SGUnited Jobs & Skills programmes. Close to 60 FIs have offered close to 1,300 SGUnited traineeships to fresh graduates."

Mid-career Singaporeans can also look at new opportunities in financial institutions, in areas like cloud computing, data analytics and cybersecurity, as MAS is working closely with industry players to train and deploy workers in the sectors.

NRF: Investing in science and technology

Deputy Prime Minister Heng Swee Keat, who is the NRF's chairman, highlighted the NRF's role in creating opportunities for economic growth by tapping on science and technology (S&T).

Heng said that the NRF would refresh its strategic investments in major research centres across Singapore's universities, and in the Agency for Science, Technology and Research (A*STAR).

To grow the sector, the NRF will attract promising researchers to pursue research in Singapore by building on its fellowship and investigatorship schemes.

Heng also pointed out that Singapore was the third country in the world, outside of China, to successfully culture the Covid-19 virus, and that the research, innovation and enterprise (RIE) community here has more than 200 ongoing projects that help Singapore fight against Covid-19 and future pandemics.

Heng said that the NRF would continue to support such research.

Other "high impact strategic areas", such as advanced manufacturing and engineering, will also be supported.

NRF will support the SGUnited Traineeship Programme, where young Singaporeans are encouraged to pursue careers in science and technology, and continue to support the growth of more innovative Singapore-based companies.

Top image via Chan Chun Sing on Facebook

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