Services 2030 strategy to create more job opportunities in Singapore

Singapore has announced plans to increase the value-added (VA) from “modern services” by at least 50% and create more than 100,000 new jobs within the next decade. This is part of the Services 2030 strategy, one of the pillars of Singapore’s Economy 2030 vision, along with the Manufacturing 2030 and Trade 2030 strategies.

One of the key components of the Services 2030 strategy is the Professional Services Industry Transformation Map (ITM) 2025, which covers a diverse group that includes company headquarters as well as professional services organisations that provide consulting, legal, and accounting services. Professional services is one of three industries under the modern service cluster, with the other two being financial services and infocomm technology and media.

Gan Kim Yong, Singapore’s Minister of Trade and Industry, noted that the new ITM will play a crucial role in strengthening the republic’s position as a top business hub, and elaborated, “Our professional services sector is well-positioned to seize opportunities for business growth driven by digitalisation, sustainability, emerging markets, and new customer segments in South-East Asia.”

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He also highlighted that the government will work with stakeholders to assist Singaporeans in upgrading their skills and reskilling, enabling them to tap on opportunities and achieve their career goals in this sector.

Since 2016, the government has launched 23 ITMs to support industry transformation. Although the pandemic disrupted the progress of these ITMs, Gan stressed that they have led the way in growth and transformation, reported The Business Times.