Singapore Launches Alliance for Action to Boost Economy and Drive Business Transformation

The Ministry of Trade and Industry, in partnership with the Singapore Business Federation, has launched a new Alliance for Action (AfA) aimed at boosting the economy and driving business transformation. Minister of State for Trade and Industry Low Yen Ling unveiled this initiative, which focuses on enhancing the competitiveness of businesses in the long term, with a particular emphasis on sustainability and the Marine and Offshore Engineering (M&OE) sector. The government is committing S$100 million over the next five years to support sustainability reporting and industry transformation, with a focus on driving innovation in the M&OE industry.

In addition to supporting sustainability efforts, the government is empowering heartland businesses by introducing a grant that provides funding for placemaking projects, with grants of up to S$10,000 available. This initiative aims to revitalize local communities and enhance their vibrancy, with pilot projects planned for Bukit Gombak and Tampines West. These efforts demonstrate the government’s commitment to fostering business transformation at the grassroots level. By focusing on sustainability, industry transformation, and community revitalization, Singapore is laying the foundation for a resilient and competitive business ecosystem.

The collaboration between the Ministry of Trade and Industry and the Singapore Business Federation reflects a forward-looking approach to economic development. By investing in sustainability, industry transformation, and community revitalization, Singapore is positioning itself for future growth and prosperity. The emphasis on collaboration and innovation among heartland businesses, coupled with strategic investments in key sectors like the M&OE industry, underscores Singapore’s commitment to building a competitive and sustainable business environment.

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