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Global connections, industry transformation among key priorities at MTI: Chan Chun Si

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SINGAPORE: Ensuring that Singapore firms will continue to have access into overseas markets and help to transform their business models are among Mr Chan Chun Sing’s key priorities as he takes over the helm at the Ministry of Trade and Industry (MTI).

He said this in a group interview on Friday (Mar 4) after attending the annual Europe Day lunch celebration organised by the European Chamber of Commerce.
AdvertisementThe event was Mr Chan’s first public engagement after taking over the helm at MTI following the latest Cabinet reshuffle.

On his to-do list, Mr Chan noted the importance to ensure that homegrown companies have continued access to opportunities overseas despite “some headwinds” around the world, notably the simmering trade confrontations between the United States and China.

Singapore, being a small and open economy that depends heavily on the rules-based global trading system, will have “to watch the waves and currents carefully”, he said.

“There will be some headwinds in some parts of the world but we will make sure that we continuously explore new markets and deepen the connections with some of the existing markets. So that we can have more and better opportunities for Singaporean businesses, which will in turn create better jobs for Singaporeans.”

AdvertisementAdvertisementAnother of his priority is to ensure continuous help, beyond "the cyclical up or downturns” in the economy, for local firms to adopt new technology as part of their business transformations.

“We continuously help our companies to transform their business models, to adopt new technology so that they can improve their products and services,” he said, adding that this is a focus of the 23 Industry Transformation Maps.

Another key to ensuring the resilience of the Singapore economy is to grow the local talent pool. Apart from understanding the Singapore market, workers will need to have “an extensive network and deep understanding of the regional and global markets so that (they) can continue to compete with the best of the worlds,” he said.

Singapore will also have to remain open to global talent to ensure its success, added Mr Chan.

“In today's competitive environment, we must also have the most talented people with the best ideas - both Singaporeans and our partners from elsewhere working together as a team to boost the Singapore economy.”

As such, Singapore’s manpower policies will seek to find the “correct mix of people”.

“It’s not about the total number of people,” he said. “It's about the correct mix of people (as) we move away from reliance on the lower-productivity, lower-wage sectors.

“We want to move towards the high-productivity, high-wage sectors to create more opportunities for Singapore so it is about how we balance the portfolio of our partnership with the foreign companies and foreign labour,” he added.

On whether that means a possible tweak in local policies regarding foreign manpower, Mr Chan said the focus will have to be “targeted” and on emerging industries.

Noting that there is a shortfall in talent in some up-and-coming industries such as financial technology (fintech), he replied: “We are very targeted in how we want to grow our companies and talent pool so we need to look at where the new opportunities are and have very focused and targeted measures to grow in the direction we want to.”

“I think it's too generic to talk about policies in general,” he said.

HOPE FOR EARLY RATIFICATION OF EUSFTA

Earlier in his keynote address, Mr Chan described the lunch celebration as “timely” given the protectionist sentiments taking root in parts of the world.
The yearly affair, attended by hundreds of diplomats and business leaders, celebrates the anniversary of the 1950 Schuman Declaration, which paved the way for the creation of the European Coal and Steel Community and eventually, the European Union (EU).

He cautioned that escalating trade tensions, notably between the United States and China, could undermine the global trading system if left unchecked.

However, the EU has remained “a staunch proponent” for free trade, he said. The regional bloc’s continued push for free trade agreements (FTAs) with key partners “sends an important signal to the world that free and open trade remains the path forward”.

Singapore, like the EU, is a firm believer in a rules-based multilateral trading system, added Mr Chan.

Describing the EU-Singapore FTA (EUSFTA) as a “very important endeavour”, Mr Chan said the ratification of this trade pact “will signal the EU’s resolve as a key proponent for free and open trade, and enhance the EU’s trade leadership in Asia”.

Apart from economics benefits such as lowering tariff and non-tariff trade barriers, the EUSFTA also has significant strategic importance, he said.

“It was not by chance that Singapore was the first ASEAN member state with whom the EU chose to pursue a bilateral FTA with in 2009. The EUSFTA is a pathfinder towards an eventual EU-ASEAN FTA and anchors the EU’s engagement in the region.”

“We welcome the recent news from the EU that the ratification of the EUSFTA is moving forward,” he said, referring to news about how the negotiation outcomes of the EUSFTA have been presented to the European Council last month. “We look forward to your continued support for its expeditious ratification and hope for its early implementation.”
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