This follows the unveiling of the Wholesale Trade Industry Transformation Programme last week
In its ongoing war against unemployment, Singapore has identified a new frontline – hoping to create 10,000 new jobs in the wholesale trade industry by 2020.
Recently, global experts identified the republic’s unique vulnerabilities to Asia’s shrinking labour force, and while many are pessimistic of Singapore’s chances of maintaining its economic standing in the next two decades, more immediate efforts towards job creation are still vital in the interim.
Today, the resident unemployment rate is at 3.1%. While some industries like Transport & Storage and Information & Communications are seeing a growth in hires, over 7,800 workers lost their jobs in the second quarter of 2017 alone.
According to the Ministry of Trade and Industry (MTI), there are currently 34,000 firms in the wholesale trade industry, accounting for 9% of the national workforce in 2016. That’s over 325,000 workers.
The ministry announced that it aimed to bring that figure up another 100,000 over the next three years through the digitalisation of firms in the wholesale industry.
Citing from the Wholesale Trade Industry Transformation Map launched last week, the MTI aims to incorporate latest-tech and redesigned educational programs to provide Singapore’s labourers with new opportunities to join the workforce.
“The ITM includes plans to accelerate global trade connectivity, facilitating and capturing value from e-commerce trade flows, as well as increasing SMEs’ market access and productivity through digital marketplaces and platforms,” the ministry reported.
“At the PMET level, relevant Professional Conversion Programmes (PCP6) and tertiary programmes will provide local PMETs with opportunities to re-skill and move into new positions in wholesale trade.”