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Industry transformation maps, stronger partnerships will help Singapore’s economy: CFE – Channel NewsAsia

23 industry transformation maps have been rolled out in Singapore since last year’s budget announcement. The 23 industries with those ITMs will make up 80% of Singapore’s economy. In a report, it is stated that the ITMs will help growing industries seize global opportunities. The report also stated that there was a need to work together to exploit future opportunities and overcome challenges.

Key Takeaways:

  • The committee further recommended that such maps be tailored for each industry, as some may need to grow revenues while others may need to reduce costs.
  • The report said that ITMs will also help industries with growth prospects seize global opportunities, by helping them upgrade their capabilities.
  • Even as the maps are specifically structured to each industry, the report also recommended that they exploit synergies across industries.

“The committee further recommended that such maps be tailored for each industry, as some may need to grow revenues while others may need to reduce costs.”

http://www.channelnewsasia.com/news/singapore/industry-transformation-maps-stronger-partnerships-will-help/3501904.html