THIS WEEK’S TOPIC: What “unique capabilities and products” can Singapore develop as it seeks to qualitatively transform its manufacturing sector?
In our recent annual online retreat for our global staff, I made a statement saying that if all that we are and all that we become is a commoditised product, we can only fight with price in the marketplace. This principle applies to Singapore as well, which is why I am heartened to see a three-pronged strategy to advance the Manufacturing 2030 vision.
I would like to see capabilities and products developed in the food and medical sub-sectors primarily because our weakness in these two areas was heightened by the pandemic. If we develop strong products in agri-technology, it can help our food security goal by reducing dependence on food imports.
On the medical front, developing products and infrastructure is needed for two purposes. Firstly, to cope better with future outbreaks and secondly, given our rapidly ageing population where one in four people will be over 65 years old by 2030.
With the vision and strategies laid out, it all boils down to execution now.
Mario Singh
Chief Executive Officer
Fullerton Markets
