Singapore must be ‘traffic controller’ of business flows amid US tariffs’ supply chain reshuffle: DPM Gan
Singapore cannot compete with neighbours on cost, but is ‘value for money’, says the minister
Singapore must transition from merely being a "traffic junction" for goods to becoming the focal point where major business decisions are made, according to Deputy Prime Minister Gan Kim Yong. While Singapore cannot compete with neighboring countries on cost, it offers value for money, making it an attractive proposition for businesses seeking strategic advantage.
The reshuffling of supply chains due to US tariffs will necessitate Singapore to be more than just an efficient port; it should be a strategic player in the global supply chain, said the minister. DPM Gan emphasized that Singapore's proposition lies in being value for businesses, even if it is not the cheapest option. The country's appeal lies in creating value for businesses and being the most profitable and strategic destination for them.
The minister also highlighted the importance of regional collaboration to maintain competitiveness, citing examples such as the Johor-Singapore Special Economic Zone and the Indonesia-Singapore growth triangle.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Energy diversification in Singapore has to make business sense: Gan Siow Huang businesstimes.com.sg
