ECONOMY | Staff Reporter, Singapore

Industry Transformation Maps to be refreshed: Heng

ITMs progress has been disrupted by the pandemic, and a refreshed direction is needed.

All 23 of the Industry Transformation Maps (ITMs) wil be refreshed to meet the accelerated changes brought about by COVID-19, according to the deputy prime minister and minister for finance Heng Swee Keat.

“We have seen encouraging progress since embarking on our ITM journey in 2016,” Heng said, who also chairs the Future Economy Council (FEC) overseeing the ITMs.

The minister sadd that overall labour productivity measured by real value-added per actual hours worked rose by 2.7% per annum from 2016 to 2019, an increase from 2.2% in the preceding three years. Real median income from work of full-time Singaporeans, including employer CPF contributions, rose by 3.7% per annum from 2016 to 2019, higher than the 3.2% per annum growth in the preceding three years. Up to 2019, our ITMs have been progressing well, with most of them on track to meet their targets.

Heng said that up to 2019, the ITMs have been progressing well but the pandemic has disrupted the progress of the ITMs.

He noted that ITM sectors such as air transport, hotels, and retail were badly hit, and will take time to recover.

“For each of the 23 ITM sectors, we will update our sectoral strategies to create and seize opportunities through digitalisation, innovation, internationalisation, upskilling of workers and job redesign, with the aim of uplifting the productivity and wages of our workers, and creating good jobs for Singaporeans,” Heng said.

The government plans to complete the update by the end of 2022

The ITMs, launched in 2016 under FEC, are roadmaps to drive transformation across 23 industries across six clusters: built environment, trade and connectivity, essential domestic services, manufacturing, modern services and lifestyle.

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