Tough decisions will have to be made: Chan Chun Sing

𝐓𝐎𝐔𝐆𝐇 𝐃𝐄𝐂𝐈𝐒𝐈𝐎𝐍𝐒

Mr Chan said tough decisions will have to be made on how to help companies - particularly those that will not see demand return in the medium term - tide over the pandemic and pivot into new product and new markets.

“For example people in the social entertainment industry, until and unless we can come up with a new model of how we can do business safely in this COVID-19 environment, it’d be very difficult for us so imagine them coming back online like what they used to do in the previous operating model.”

Mr Chan added that it can be difficult for some entrepreneurs to come to terms with the changing world after spending much time and effort building up their businesses, but he said the Government will be committed to helping them pivot to new markets and products.

𝐍𝐄𝐖 𝐎𝐏𝐏𝐎𝐑𝐓𝐔𝐍𝐈𝐓𝐈𝐄𝐒

As global companies reshuffle their global footprints of production and supply chains, we need to make sure that some of them will land in Singapore, Mr Chan said.

“At the same time, we must make sure that we continue to defend the regional HQs (headquarters) and factories that have been planted here so that we can retain the jobs for our people, as many as possible,” he added.

𝐅𝐀𝐂𝐓𝐎𝐑𝐒 𝐖𝐈𝐓𝐇𝐈𝐍 𝐎𝐔𝐑 𝐂𝐎𝐍𝐓𝐑𝐎𝐋

While external demand and surges of infections in other parts of the world are not within our control, within our own borders, we can reopen our economy in a safe and sustainable way by not being complacent.

"If we can open safely and sustainably, we will be able to progressively recover from the third and fourth quarter this year,” Mr Chan said.