Singapore digest news (22.11-26.11)

Photo by S. Pronin

ESG, IDMA roll out new digital plan for precision engineering industry

Around 101,000 employees can now tap the Precision Engineering Industry Digital Plan (IDP) to drive productivity and transform through digitalisation.
The IDP was launched by the Minister of State for Trade and Industry Alvin Tan at the Industrial Transformation Asia-Pacific event. The IDP aims to help PE enterprises assess their digital readiness and identify suitable digital solutions to accelerate their growth
Enterprises can use an online self-assessment checklist to help them assess their digital maturity and readiness, as well as identify gaps in their current digital capabilities. The checklist considers factors such as the current business operations, stage of digitalisation, and business expansion plans.


Singapore leads APAC in sustainable construction and manufacturing

A research report released by Autodesk revealed that Singapore is the only country in the Asia Pacific to lead in construction and manufacturing sustainability.
Out of the nine participating countries, Singapore led as the only country to achieve two of the five United Nations Sustainable Development Goals (SDGs) that are impacted by the AEC and D&M sectors. These goals were "Affordable and Clean Energy" and
"Industry, Innovation, and Infrastructure." The country is also close to achieving a third goal, "Sustainable Cities and Communities."


MPA, NUS to launch expanded PIER71 programme

The Maritime and Port Authority of Singapore (MPA) and the National University of Singapore announced that they will expand the scope of their Port Innovation Ecosystem Reimagined @ BLOCK71 (PIER71) programme to better Support Singapore’s maritime technology ecosystem.
The program expansion is part of MPA and NSU’s renewed partnership which will last for another three years.
The first addition to the program is the PIER71 Ascend which is a 12-month invite-only scale-up program aimed at connecting start-ups to overseas markets and government stakeholders, as well as prospective maritime customers.
Under the expanded PIER71 programme, structured pitching and venture capital networking events will also be held for start-ups to gain access to investors and capital.
The networking events are also expected to increase the number of investments into PIER71 and partner programmes’ alumni. 


Singapore GDP growth to slow down 3-5% in 2022

Singapore’s gross domestic product (GDP) is expected to grow by 7% in 2021, but will eventually slow down come 2022 by 3% to 5%, the Ministry of Trade and Industry (MTI) said.
MTI said there are four downside risks that will affect the growth of Singapore's economy: the trajectory of the COVID-19 pandemic; constraints on global industrial production due to global supply disruptions; more persistent inflation due to protracted supply disruptions, stronger pickup in demand, and rising energy commodity prices; and continued geopolitical uncertainty involving the major economies.
Recovery for various sectors of the economy in 2022 is also likely to remain uneven, according to the MTI.


Singapore partners with Mastercard to boost tourism

The Singapore Tourism Board partnered with Mastercard for the campaign titled Rediscover Priceless Singapore.
They aim to boost domestic tourism and to promote selected local Singapore brands.
Two audience segments making up more than half of local Mastercard cardholders—families and young professionals—are targeted by this campaign.