atans1

Heng, can be PM meh?

In Economy, Political governance on 13/02/2018 at 10:25 am

Two major biz trade groups are publicly very unhappy with Heng’s Industry Transformation Maps. Looks like bizmen and corporate executives don’t think much of the Industry Transformation Maps (ITMs), drawn up by Finance Minister Heng Swee Keat’s  Committee on the Future Economy (CFE)

The ITMs, which make up one of the key strategies outlined in the Committee on the Future Economy (CFE) report, have come under the spotlight recently amid questions from business and industry leaders about its relevance.

https://www.channelnewsasia.com/news/singapore/looking-ahead-to-budget-2018-what-it-could-mean-for-businesses-9943406

And he’s suppose to be a contender to PM? I mean did anyone say that Ah Loong’s economic strategies drawn up when he was a minister or DPM (Economic restructuring: This time, it’s really different) were anything less than greater than great? He was the Messiah, Moses and Jesus Christ Superstar all rolled into one, even though Ong Teng Cheong was more popular with the masses.

The Association of Banks is one of the unhappy business groups:

At a pre-Budget roundtable organised by the Institute of Singapore Chartered Accountants (ISCA) last month, DBS CEO Piyush Gupta, who speaking in his capacity as chairman of the Association of Banks in Singapore, questioned if the ITMs can keep up with the rapid changes in each industry.

“The blueprint and roadmap that you put in place will be outdated by six months so what we have to create is not a transformation roadmap but transformation capabilities,” he said. “We need to take our ITMs to the next level, which is to create the industry’s capacity to experiment and rapidly change.”

Then there’s the Singapore Business Federation

Also speaking at the roundtable, Singapore Business Federation (SBF) CEO Ho Meng Kit noted a disconnect between the ITMs, which are led by Government agencies, and the “realities of the industries”.

He added that he was concerned about the ITMs being developed for the bigger firms and risk leaving out “the long tail of SMEs in the same industry that are not as productive”.

(And btw this is damning for the Ministry of Trade & Industry

According to the SBF’s latest survey, half of the roughly 1,000 businesses surveyed said they still do not know enough about the ITMs to assess their impact*.)

I repeat again:

[H]e’s suppose to be a contender to PM? I mean did anyone say that Ah Loong’s economic strategies drawn up when he was DPM (Economic restructuring: This time, it’s really different) were anything less than great?

For the record, I predicted many moons ago that Heng would be PM: The next PM has been unveiled.

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*Minister for Trade and Industry (Industry) S Iswaran said on Feb 5 that “it is not possible for the Government to reach out directly” to all enterprises. In a written response to a parliamentary question, Mr Iswaran stressed that unions, trade associations and chambers (TACs) “must help to propagate the message”, while business owners “must also take the initiative to find out more about the ITMs”. He’s got a point that ‘business owners “must also take the initiative to find out more about the ITMs”’.

 

 

 

 

 

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