Boosting Competitiveness and Creating Jobs
Singapore’s wholesale trade sector is undergoing a significant transformation to enhance its global competitiveness and create new opportunities for local businesses and workers. The refreshed Industry Transformation Map (ITM) for Wholesale Trade 2025, launched by Minister for Trade and Industry Gan Kim Yong, outlines a strategic roadmap to achieve these goals.
Key Strategies:
Empowering Local Enterprises: The ITM will support local enterprises in expanding their global reach by diversifying their businesses, exploring new markets, and leveraging digital platforms. Initiatives include facilitating partnerships with e-commerce players, fostering collaborations with global distributors, and encouraging the adoption of sustainable practices.
Attracting and Growing Global Traders: Singapore aims to attract and anchor global trading companies by offering a conducive environment for innovation and growth. This includes fostering collaborations with local businesses, supporting research and development activities, and providing access to skilled talent.
Building a Skilled Workforce: The ITM emphasizes the importance of developing a skilled workforce by creating new PMET (professional, manager, executive, and technician) roles, offering upskilling and reskilling programs, and providing scholarships to support the growth of local talent.
Driving Innovation and Sustainability: The ITM encourages the adoption of sustainable practices, such as the development of green products and the reduction of environmental impact. It also emphasizes the importance of leveraging technology and innovation to enhance productivity and competitiveness.
Early Successes and Future Outlook:
The previous ITM, launched in 2017, has already yielded positive results. Over 8,000 wholesale trade enterprises have adopted digital solutions, local PMET roles have increased, and overseas sales of local enterprises have experienced significant growth.
The refreshed ITM builds upon these successes, aiming to further strengthen Singapore’s position as a global hub for wholesale trade. By fostering innovation, nurturing talent, and promoting sustainable practices, the sector is poised to continue its growth trajectory and contribute significantly to Singapore’s economic development.
