Singapore’s Deputy Prime Minister and Minister for Finance, Lawrence Wong, introduced the new Infocomm and Media (ICM) Industry Transformation Map during the Singapore Computer Society’s 55th Anniversary Gala Dinner & Tech Leader Awards 2023. The refreshed I&C ITM, established by the Digital Industry Singapore (DISG), aims to boost the digital transformation and resiliency of the I&C sector, driving Singapore as a hub for top tech businesses and a skilled workforce.
ICM ITM created the map in 2017, highlighting a plan to grow the industry. The ICM opened opportunities to over 245,000 employees in December 2020, exceeding the target of 210,000 and creating 13,000 new PMET jobs. This achievement has been possible due to the government’s strong push for digital transformation, despite Covid-19 slowing the growth of the sector.
Despite the pandemic, the I&C sector has bounced back, achieving a nominal growth rate of 7.9% from 2015 to 2022, surpassing the 6% goal. The refreshed I&C ITM will now focus on I&C and its sub-sectors, such as IT services, software, and telecommunications, highlighting strategies for obtaining a Value Added Compound Annual Growth Rate of 5% to 7%. The refreshed ITM aims to create about 80,000 employment opportunities by 2025.
The government has planned to support cross-border partnerships through the expansion of Digital Economy Agreements (DEA) for global data flows. This will help in improving the ASEAN digital framework agreement by integration and connectivity in SEA, and also maximize flagship events like Asia Tech x Singapore (AT & SG) and the Singapore International Cyber Week (SICW).
The refreshed I&C ITM will focus on four key areas of growth, including developing the industry’s talent pool, improving digital infrastructure and capabilities, promoting digitalization, and encouraging innovation and entrepreneurship. The talent pool development will be done through offering training programs, scholarships, and apprenticeships, thus creating a skilled workforce for the future.
The government has also planned to encourage the industry’s digitalization by enhancing cybersecurity measures and digitalization of business processes. This will improve productivity and efficiency, as well as reduce costs.
The refreshed I&C ITM will also promote innovation and entrepreneurship by establishing incubation hubs, promoting startup funding, and increasing R&D investments. These efforts will aim to create a supportive ecosystem for startups and established businesses alike.