SINGAPORE — The Covid-19 pandemic has modified the way in which firms deploy their workers and the way they manage their provide chains — and that
SINGAPORE — The Covid-19 pandemic has modified the way in which firms deploy their workers and the way they manage their provide chains — and that might create alternatives for Southeast Asia, says Singapore’s commerce and business minister.
Because the pandemic hit, staff have moved to work remotely from dwelling, and a number of other firms have introduced insurance policies to permit workers to proceed doing so till subsequent yr, and even completely.
“For the reason that coronavirus outbreak, we’ve seen that it’s going to result in elementary adjustments in the way in which folks work and manage their provide chains. For instance, this work-from-home phenomenon – many firms are reorganizing the way in which their international footprint of the place they put their folks and the place they put their manufacturing chains, and the way they manage their provide chains,” Singapore’s Chan Chun Sing informed CNBC’s “Squawk Field Asia” on Thursday.
“And that may trigger a reshuffling of world manufacturing and provide chains,” he added.
Gantry cranes stand subsequent to containers at Tan Cang-Hiep Phuoc Port in Ho Chi Minh Metropolis, Vietnam.
Bloomberg | Getty Photos
He added that these adjustments may have some implications for Southeast Asia, when firms take into consideration the best way to strengthen the resilience of their provide chains.
“If a few of them diversify to Southeast Asia, there can be extra alternatives for the Southeast Asian economies, together with Singapore,” Chan stated.
With regard to Singapore’s exports, which got here in a lot worse than anticipated in October, Chan identified that not all sectors are recovering on the similar tempo. He added that sectors like oil and gasoline, marine offshore, and tourism, are nonetheless down.
“However we’re assured that as long as … many of the Asian international locations are capable of hold their an infection numbers down, Asia can be a attainable engine of development going ahead,” he stated.
Singapore positioned to draw vaccine-makers
Whereas Pfizer and Moderna have introduced optimistic trial knowledge on the effectiveness of their vaccines, the race can be on for a number of firms globally to develop their very own vaccines.
Chan stated the city-state’s strict mental property safety rules are the “most important” issue for such firms.
“And more and more … I’d say (that is) probably the most vital consideration as to the place folks put such knowledge-intensive industries in. So this consists of the bio-pharma sector … ICT sector,” he stated, referring to the Info and communications know-how business.
We are going to take our time to make the evaluation to make it possible for any vaccine that’s out there in Singapore is secure for our public use.
Chan Chun Sing
Singapore’s commerce and business minister
Aside from that, Singapore is ensuring it is staying “open” with out export restrictions even in the course of the pandemic.
“That makes us extraordinarily enticing for folks to base their manufacturing and distribution chains out of Singapore,” Chan stated. “Whereas different international locations may attempt to appeal to some bio-pharma firms … primarily based on the scale of their home market, we appeal to firms right here primarily based on the scale of the worldwide and regional market.”
No rush to take vaccine
Chan stated the coronavirus scenario in Singapore has presently stabilized, and individuals are not feeling like they should rush to take a vaccine when it turns into out there within the nation.
Requested if the Singapore public is open to taking a vaccine, or whether or not folks understand the vaccine with a level of warning, he stated: “At this cut-off date, once I speak to … most people in Singapore, there isn’t any nice urgency for folks to wish to rush to take the vaccine.”
“Partly as a result of the scenario in Singapore has stabilized, and other people know that truly there isn’t any must rush to do that,” he stated.
The variety of new domestically transmitted instances within the nation has fallen to zero for the previous a number of days, though there are nonetheless just a few imported instances.
“We are going to take our time to make the evaluation to make it possible for any vaccine that’s out there in Singapore is secure for our public use,” Chan concluded.