6 September 2017: The Wholesale Trade Industry Transformation Map (ITM) was launched today by Minister for Trade and Industry (Industry) S Iswaran at the ‘Digitalisation of Trade – New Mindsets’ event held by International Enterprise (IE) Singapore.
With IE Singapore taking the lead, the wholesale trade ITM is a multi-agency initiative from both the public and private sectors to help companies digitalise to enhance global growth and productivity. The ITM also aims to develop industry-ready talent equipped with deep skills for digitalisation and internationalisation.
Minister Iswaran said that as innovation cycles become shorter, enterprises must continually adapt and connect to emerging networks to stay ahead.
“It is a sector with strong growth opportunities for both wholesale trading enterprises and for individuals seeking to develop expertise and specialisation in this field.
“The launch of the Wholesale Trade ITM today is therefore timely, and it sets out our approach towards the transformation of this important sector,” he added.
The wholesale trade industry comprises over 34,000 enterprises, which contributed 12 per cent or $47.3 billion to Singapore’s Gross Domestic Product in 2016. It currently accounts for nine per cent of Singapore’s workforce.
Developing Talents
Some 10,000 jobs are expected to be created by 2020 in the wholesale trade industry.
As part of the ITM, training programmes will be developed for both entry-level graduates and mid-career professionals.
IE Singapore has signed memoranda of understanding with institutes of higher learning and the Singapore Business Federation to develop competent workers with relevant expertise in the wholesale trade industry.
Digitalisation
The ITM will work with industry players and trade associations to build Singapore’s digital marketplaces and attract global players into Singapore.
Minister Iswaran said: “These marketplaces will allow companies to pool resources and complement their product offerings to sharpen their competitiveness, which will be particularly beneficial to SMEs [small and medium-sized enterprises].”
One such example is the ASEAN Digital Trade Facilitation Platform, which will be developed with the Singapore Logistics Association (SLA) taking the lead.
When ready in the fourth quarter of 2017, SLA will work with other ASEAN logistic associations on a platform to allow companies to benefit from a seamless customs clearance through a single window.
