Budget 2023: What SG can do to boost supply chain resilience

Global consultancy firm, Kearney, lays out two steps.

To make Singapore better stand out as a viable destination for manufacturers, businesses, and prospective investors, Global consultancy firm, Kearney, said Singapore should include two measures under the 2023 budget.

The first one is to accelerate investments in research and development (R&D) to improve productivity levels in the manufacturing sector.

Kearney said such a move would solidify Singapore’s position as an innovative leader.

To achieve this, Singapore must expand the $600m Productivity Solutions Grant and $25b RIE2025 strategy, introduced in Budget 2022. 

“With sustained innovation, Singapore can grow its intellectual property and unique capabilities in the engineering space to propel its ambition to be an R&D hub in the region,” Nithin Chandra, managing partner, Southeast Asia, Kearney, said.

The government should also make efforts to continue the development and onboarding of small and medium enterprises (SMEs) onto global data systems such as SGTraDex to accelerate trade processes and improve operational visibility. 

“Onboarding onto such platforms can potentially unlock about $200m of value annually for the supply chain ecosystem,” Chandra said.

Chandra underscored that by capitalising on its strong digital infrastructure to continue the commercialisation of autonomous port operations, Singapore will be able to improve the seamlessness of trade in the city-state.