Trade and Industry Minister Chan Chun Sing said that we are starting 2021 with cautious optimism and hopeful of some global economic recovery in the second half of the year.
However, uncertainties remains and the global rollout of vaccination is not a silver bullet.
"That is why Singapore has to act now to re-think our processes, our value proposition and how we can build a new economy by transforming ourselves, in order to seize the opportunities available amidst the crisis," he said.
"The faster we are able to do this collectively, the sooner and the better we will be able to seize the growth opportunities available and be ready for the recovery when it comes."
Our role as a business hub will changed. We will no longer be an intermediary matching supply and demand.
We will endeavour to be a business hub that cannot be easily displaced, "where we offer the services of being able to mobilise capital, aggregate talent, protect intellectual property, and provide a predictable environment for businesses to thrive, not just to serve any particular domestic market, but to serve international markets."
In crisis, there is opportunity.
"The digital world presents fresh opportunities that are up for grabs for those who are willing to try. Technology is neutral. Whoever who can master technology best will win. This applies to us and our businesses as well. So, it is not about technology per se. It is about how we position ourselves in this rapidly transforming world," Mr Chan said.
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