SINGAPORE'S PRIVATE AND PUBLIC SECTORS WORK IN TANDEM TO RESTART THE ECONOMY
Channel: A Singaporean
Date: 20/11/2020

SINGAPORE'S PRIVATE AND PUBLIC SECTORS WORK IN TANDEM TO RESTART THE ECONOMY

The eight Alliance for Action(s)

Singapore established the Emerging Stronger Taskforce (EST) half a year ago to explore new ways to further the economy. The EST currently has eight Singapore Together Alliance for Action (AfA) under its belt, which are industry-led groups that are given leeway by the state to prototype new ideas. This is part of the government's 4th Generation push to give citizens more of a say in policymaking. As such, the private and public sectors in AfAs will work together as equals.

The 8 AfAs all focus on different aspects of the economy, and are comprised of businesses, trade associations and chambers, and public agencies.

The alliance on meetings, incentive travel, conventions and exhibitions piloted rapid mass testing at the Ocotber 2020 Singapore International Energy Week Event.

The alliance on robotics will deploy early versions of autonomous vehicles by the end of 2020.

The alliance on supply chains has established a new set of data standards to increase synergy between segments of the supply chain ecosystem.

The alliance on sustainability came up with a standard for firms to measure, mitigate and offset their carbon footprint.

The alliance on digitalising the built economy is integrating work processes and upgrading building techniques for construction firms.

The alliance on smart commerce tied up with CapitaLand and Shopee to make a voucher game on Shopee's app to entice shoppers.

The alliance on education technology kickstarted minimum viable products, which are products with the bare minimum of features, hence enticing customers drawn to their simplicity.

The latest area of focus that was just announced by the EST is the alliance on medical technology, which looks into developing disease diagnostics and pursuing tie-ups with south-east Asian partners.

The 6 shifts in the global economy

The EST has additionally identified 6 shifts in the global economy that Singapore can capitalise upon.

The changing global order will draw trade flows and geopolitics to revolve around Asia.

Supply chains and production will rebalance between efficiency and reliability, as companies are forced to shorten supply chains and stockpile essential materials for production.

Digital transformation and innovation will accelerate as more consumers turn to online shopping and communication.

Changes in consumer preferences will occur as they will pursue more services focusing on health and mental wellbeing.

There will be an increasing focus on sustainablility, with the expanding green economy bringing in more commercial opportunities.

Industry consolidation and churn will rise rapidly as businesses come under pressure, hastening economic cycles and harming investor confidence.

As such, the EST has determined that Singapore must increase its connectedness to the global economy, and raise environmental sustainability and society inclusivity efforts.

Some concerns

Despite its successes thus far, the EST has come under fire for being unrepresentative in terms of gender, minority groups and vulnerable communities.

What can I do?

Any Singaporean can share their ideas by going to emergingstronger.sg and writing in to EST.