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SINGAPORE – Singapore has strengthened its status as a global logistics hub amid the Covid-19 pandemic, leveraging its competitive advantages such as the efficiency, reliability and resilience of its network, the Minister of Commerce and Industry said on Tuesday (October 27), Chan Chun Sing. .
Speaking to the media after a visit to the facilities of the German logistics company DB Schenker in Changi, Chan said that Singapore has further enhanced its reputation as an international hub amid the crisis by keeping the country open for trade. even when global supply chains are disrupted.
“We have distinguished ourselves by the way we lean forward to ensure that the integrity of our supply chains is maintained. We did not impose additional restrictions, we did not impose export controls,” he added.
Rather, government agencies have worked to ensure that any disruptions to Singapore’s supply chain network are quickly overcome by providing options in other parts of the network, Chan said.
He also noted how Singapore has moved towards higher value-added logistics services, such as contract logistics, which provide end-to-end and customized solutions for businesses.
“In Singapore, given our size and our connectivity, we are not going to compete in all dimensions of the logistics (sector). What we are looking for and what many companies are going to use us more and more are … those products that are high value, time sensitive and need high security (reliability) of the supply chain, “said Chan.
High-value sectors, such as biopharmaceuticals and information and communications technology, are the type of companies that are attracted to Singapore and can create more good jobs for Singaporeans, he noted.
The logistics sector is a key pillar of Singapore’s economy, contributing $ 6.8 billion or 1.4 percent of Singapore’s gross domestic product in 2019. It employs more than 86,000 workers in more than 5,300 companies. .
The industry, which comprises three main subsectors (contract logistics, freight transport and land transport), is a fundamental enabler for the main segments of the country’s economy, including manufacturing and wholesale trade, as it facilitates the flow of goods National and international.
Major international logistics companies such as DHL, UPS and DB Schenker have made Singapore their regional headquarters, while multinational companies such as GlaxoSmithKline and Unilever have located their regional supply chain management teams here.
Chan noted that the major logistics companies in Singapore plan to create around 1,500 new jobs in the sector over the next five years, based on investment commitments secured by the Economic Development Board in 2018 and 2019.
Investments in digital transformation will also generate new capabilities and jobs in digitization and automation within the industry, he added.
Singapore will continue to strengthen its status as a hub in three ways, Chan said.
One, by ensuring that the global logistics players here continue to fund investments and grow operations here to serve their local and global operations.
Two, strengthening its network of free trade agreements to ensure that it can provide more opportunities at more competitive prices for logistics companies to base their operations here.
Three, by improving the efficiency of your system and using the latest possible technologies.
“We are confident that this sector will continue to grow and create many good jobs for our workers and create many good business opportunities for our partners who have chosen Singapore as their base to serve the rest of the world,” Chan said.
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