Singapore will not return to pre-Covid 19 world, must chart a new path now: Chan Chun Sing

SINGAPORE - Singapore will not return to a pre-Covid 19 world, and must chart a new path by building a new economy now, said Trade and Industry Minister Chan Chun Sing.

"If we wait it out, we will likely be in worse shape than we are now," he said, adding that the Republic must start now to build a new economy and create more and better job opportunities for people."We cannot wait for Covid to blow over."First, the geopolitical environment which had allowed Singapore to thrive in the last 50 years has changed.

Second, global companies are re-organising their production and supply chains, reviewing the need for regional headquarters and where their factories are sited. Many are shifting from a focus on efficiency, or"just in time" - to resilience, or"just in case". The changing nature of tax - from taxing digital activity, to pressuring companies to do more in their home countries - could also affect companies' decisions to invest in Singapore, he added.

Even as there are calls for greater protection and redistribution, he urged Singaporeans not to isolate themselves from the world. "Above all, if we each exercise social responsibility, we can permit more activities with less risk," he said.Firms with good opportunities in areas such as biopharma, supply chains and precision engineering will be given a boost. There will be a conducive and attractive environment for new businesses to start up and plant their investments here for the long term, he said.

For industries that are permanently changed - such as tourism and entertainment - there will be help to reinvent themselves, and pivot into new markets and products, said Mr Chan."We know that these are tough decisions to make. But the faster we adapt and change, the faster our recovery."

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