Economic transformation the 'most critical challenge' facing Singapore: Heng Swee Keat
Speaking in his round-up speech for the Budget debate in Parliament, Mr Heng stressed the importance of growing the Singapore economy as the best way to ensure strong and sustainable revenues and the "most important way" for people to realise their aspirations.
(Updated: )
Ricky Lim ·
He stressed that Singapore urgently needs to press on with the implementation of its Industry Transformation Maps (ITMs) to achieve economic transformation.
Highlighting examples of Singapore companies that are “developing know-how” to move into higher-value markets, Mr Heng urged all stakeholders – like businesses, trade associations and chambers, the labour movement and Government agencies – to double down on transformation efforts and communicate the importance and urgency of transformation to their members. Companies in traditional industries, he pointed out, are also transforming their businesses through innovation.
He added that internationally, people are paying attention to the “increasingly vibrant innovation scene in Singapore”.
“This year, Singapore climbed three places in the Bloomberg Innovation Index, to become ranked as the third most innovative economy globally,” he said. “Google has substantial operations in Singapore, with more than 1,000 staff in functions such as engineering and R&D.”
“These are encouraging signs of progress. We must build on this momentum.”
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Ha Ha - ITM (Industry Transformation Map) turn out to be champion - to transform Singapore businesses and tackle disruptive technologies !!!
Yap social media can shape and influence National events as well as World events - as long as views, opinions, solutions are insightful !!!
Highlighting examples of Singapore companies that are “developing know-how” to move into higher-value markets, Mr Heng urged all stakeholders – like businesses, trade associations and chambers, the labour movement and Government agencies – to double down on transformation efforts and communicate the importance and urgency of transformation to their members. Companies in traditional industries, he pointed out, are also transforming their businesses through innovation.
He added that internationally, people are paying attention to the “increasingly vibrant innovation scene in Singapore”.
“This year, Singapore climbed three places in the Bloomberg Innovation Index, to become ranked as the third most innovative economy globally,” he said. “Google has substantial operations in Singapore, with more than 1,000 staff in functions such as engineering and R&D.”
“These are encouraging signs of progress. We must build on this momentum.”
--
Ha Ha - ITM (Industry Transformation Map) turn out to be champion - to transform Singapore businesses and tackle disruptive technologies !!!
Yap social media can shape and influence National events as well as World events - as long as views, opinions, solutions are insightful !!!
Like · Reply · 1m
Ricky Lim ·
Ricky Lim ·
Singapore
(1) Industry Transformation Map (ITM)
- Idea is posted in 2012 to tackle disruptive tech and is adopted by the Government feature in Budget 2016.
- Now this idea is used in 23 industries where 15 industries led by one Minister-of-State have undergone transformation and has start to reap positive outcome - as a good number of companies have start to reap growth and profit through the newly transformed business.
Like · Reply · 1m
Ricky Lim ·
Singapore
Source of Origin of ITM :-
Ricky Lim ·
Singapore
The following is posted on:-
Tuesday, 1 May, 2012 2:57 PM
Ricky Lim
REACH RWEB Submission feedback RWEB2012050100010 via the REACH website: To raise productivity,
To raise productivity, everyone has a part to play :-
1. Business invest in capital tools and send workers for training
2. Workers upgrade skills to operate capital tools
3. Govt provide grants, provide good education, married govt R&D bodies with business etc
4. Government work with various industry to devise objective and tangible KPI to allow business, workers, union, gov, schools etc to shoot for the KPI.
5. Govt, business, bright individuals should scout overseas countries and industries that have make their industries productive and bring it back to Singapore and transform our business to be more productive.
6. Union encourage, provide relevant course for workers to upgrade
7. School train students in right course, right skills and married industry with courses.
8. Home, family members, social bodies have to support working members to provide a conducive environment for working members to be productive.
9. Look at whatever else things that can make the nation productive, to be productive.
10. Peg the wage increase vis-à-vis our regions, our competitors, our international competition to ensure that our wage increase are competitive and will not drive away business – causing massive job losses.
Sent: Tuesday, 1 May, 2012 3:24 PM
To: reachadmin@reachadmin.com
Subject: REACH RWEB Submission: Govt agenices working with industries to devise prodictivity figures
To elaborate further :-
(1) Ministry of Comm and iDA – should work with IT industries, foreign IT MNCs, local IT vendors etc to devise objective, tangible KPI productive figures in each technology areas and skillsets vis-à-vis global competition and regional competition – so that IT business and IT workers can target to meet the KPI productivity figures – and peg wage growth in % term and/or absolute term to the productivity figures and business profitability. Communicate this to the IT industries, business, IT workers, Union and schools. Make sure we are competitive with our global competitors and regional competitors.
(2) SLA should do the same with construction sector.
(3) Ministry of Finanace and MAS should work with the banking and financial sector. etc
ricky l
0Thumbs UpThumbs Down0Ricky L • a second agoRemove
That is, the concept above is how to transform Singapore Economy in 2016 - sector-by-sector (conceptualising the KPI for each sector) ---- and using targeted approach to transform each sector, each industry one by one.
Only then productivity in each sector, in each industry can be successfully transformed - supported by empirical, scientific measures.
Good that after 4 years --- the idea is taken up.
Like · Reply · Juvst now
Ricky Lim ·
Singapore
The origin of Industry Transformation Map (ITM).......................
Singapore
(1) Industry Transformation Map (ITM)
- Idea is posted in 2012 to tackle disruptive tech and is adopted by the Government feature in Budget 2016.
- Now this idea is used in 23 industries where 15 industries led by one Minister-of-State have undergone transformation and has start to reap positive outcome - as a good number of companies have start to reap growth and profit through the newly transformed business.
Like · Reply · 1m
Ricky Lim ·
Singapore
Source of Origin of ITM :-
Ricky Lim ·
Singapore
The following is posted on:-
Tuesday, 1 May, 2012 2:57 PM
Ricky Lim
REACH RWEB Submission feedback RWEB2012050100010 via the REACH website: To raise productivity,
To raise productivity, everyone has a part to play :-
1. Business invest in capital tools and send workers for training
2. Workers upgrade skills to operate capital tools
3. Govt provide grants, provide good education, married govt R&D bodies with business etc
4. Government work with various industry to devise objective and tangible KPI to allow business, workers, union, gov, schools etc to shoot for the KPI.
5. Govt, business, bright individuals should scout overseas countries and industries that have make their industries productive and bring it back to Singapore and transform our business to be more productive.
6. Union encourage, provide relevant course for workers to upgrade
7. School train students in right course, right skills and married industry with courses.
8. Home, family members, social bodies have to support working members to provide a conducive environment for working members to be productive.
9. Look at whatever else things that can make the nation productive, to be productive.
10. Peg the wage increase vis-à-vis our regions, our competitors, our international competition to ensure that our wage increase are competitive and will not drive away business – causing massive job losses.
Sent: Tuesday, 1 May, 2012 3:24 PM
To: reachadmin@reachadmin.com
Subject: REACH RWEB Submission: Govt agenices working with industries to devise prodictivity figures
To elaborate further :-
(1) Ministry of Comm and iDA – should work with IT industries, foreign IT MNCs, local IT vendors etc to devise objective, tangible KPI productive figures in each technology areas and skillsets vis-à-vis global competition and regional competition – so that IT business and IT workers can target to meet the KPI productivity figures – and peg wage growth in % term and/or absolute term to the productivity figures and business profitability. Communicate this to the IT industries, business, IT workers, Union and schools. Make sure we are competitive with our global competitors and regional competitors.
(2) SLA should do the same with construction sector.
(3) Ministry of Finanace and MAS should work with the banking and financial sector. etc
ricky l
0Thumbs UpThumbs Down0Ricky L • a second agoRemove
That is, the concept above is how to transform Singapore Economy in 2016 - sector-by-sector (conceptualising the KPI for each sector) ---- and using targeted approach to transform each sector, each industry one by one.
Only then productivity in each sector, in each industry can be successfully transformed - supported by empirical, scientific measures.
Good that after 4 years --- the idea is taken up.
Like · Reply · Juvst now
Ricky Lim ·
Singapore
The origin of Industry Transformation Map (ITM).......................
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