With the advent of new technologies and the rising importance of climate change, companies around the world need to transform digitally and are now also compelled to become more sustainable. This growing demand for transformation represents a timely opportunity for Singapore to make a bold move – to become the Transformation Capital of Asia.
To lead in this era of disruption, we are recommending that Singapore embrace transformation as an entirely new, fast-growing industry.
We propose for Singapore to emerge as the Transformation Capital of Asia, evolving beyond our position as a trading hub, manufacturing economy and financial centre. Budget 2020 could therefore lay the groundwork for Singapore to build a transformation ecosystem — one that offers end-to-end transformation solutions from procurement to fintech, data protection to cyber security, and infrastructure to sustainability.
In this proposal, we focus on the three most pressing transformation imperatives to protect and grow enterprises in Singapore, with the larger aim of becoming the Transformation Capital of Asia:
This vision of becoming the Transformation Capital of Asia will also lead to a broadening of Singapore’s tax base, which in itself will help manage Singapore’s fiscal expenditure in the long run amidst challenges of an ageing population and economic uncertainty.
Looking at the immediate term, it would appear that increased spending is required to drive transformation. However, we believe that in the medium term, the increased profitability of Singapore enterprises and increased income of its workforce – which could in turn lead to increased consumption – will put Singapore in a more assured revenue position underpinned by sustainable economic growth.