Digital transformation, sustainability among post-pandemic opportunities for Singapore: Gan Kim Yong
SINGAPORE: Digital transformation and sustainability are among several opportunities that have emerged from the COVID-19 pandemic and Singapore can take advantage of them to emerge stronger amid the "significant challenges" it faces, Trade and Industry Minister Gan Kim Yong said on Friday (Aug 27).
Speaking at his ministry’s annual economic dialogue, Mr Gan noted that the pandemic has caused and accelerated several key shifts in the global economy such as a changing global balance, accelerating digital transformation and innovation, as well as an increased focus on sustainability.
These shifts present significant challenges for Singapore’s economy but also offer new opportunities.
Digitalisation is one such opportunity as the pandemic emphasised the significance of the virtual realm. Singapore will need to create “new virtual frontiers” to transcend the constraints of its physical size and boundaries, the minister said.
For instance, a virtual marketplace of goods and services can be set up to allow businesses to enter new markets and reach customers from all over the world.