Emerging Stronger Task Force bares five recommendations for economic recovery

Here’s how the government and private sector plan to help the economy recover from the blows of the COVID-19 pandemic.

The Emerging Stronger Together (EST) Task Force has come up with five key recommendations on how to help the Singapore economy recover from the pandemic.

Co-chaired by National Development Minister Desmond Lee and PSA International Group Chief Executive Tan Chong Meng, the task force is composed of members from government and the private sector.

Based on insght from their partners, the EST has a vision for a “Virtually Unlimited Singapore” and here are their five reccomendations to achieve that goal:

1) Virtually Unlimited – Creating New Virtual Frontiers.

The EST suggested taking Singapore’s smart nation aspirations globally by building a vibrant virtual marketplace for goods and services, strengthening the country’s position as a trade hub even in the virutal realm, leveraging its virtual training and workforce solutions, and redefining Singapore’s relevance as a safe and smart city for trade, business, work and liesure.

2) Sustainable Nation – Seizing Growth Opportunities From Sustainability

Singapore should position itself as a hub for sustainability, the EST recommended, in the fields such as carbon trading and services, and food resilience through AgriTech. Through end-to-end digitalisation, Singapore can strengthen the traceablility and accountability of industry value chains.

3) Sustainable Nation – Enabling Global Champions and Growing an Agile and Strong Singapore Core

The EST recommended the development of a wide pool of innovative and international large local enterprises. The local workforce should be upskilled and reskilled in a manner that is inclusive and digitally-oriented.

4) Stronger Together – Institutionalising the Alliances for Action (AfAs) Model

A type of private-public parntership, the EST envisions AfAs to help rally industry around complex problems and aligning on the solutions, deliver concrete initiatives quickly, and achieve private-public alignment on the roadmap to scaling up.

5) Stronger Together – Strengthening International Partnerships

“Especially with Southeast Asia,” the EST recommended. These new models of integration and modes of creativity can be done by partnering with countries in the region at all levels, deepning Singapore’s engagement and knowledge of the region, and strengthening digital connectivity across Southeast Asia towards a single digital area that will promote strong and inclusive digital recovery.

“In the next phase of our economic transformation, greater collaboration between the Government, businesses, and unions will be critical to identify new areas of growth and the new skills that are needed. If we can work together to support our businesses and workers to take on these new opportunities, we will be able to emerge stronger together,” said Tan in a press statement.

Read the EST’s full recommendations here.