Enterprise Singapore to encourage partnership initiatives to help logistics companies

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Photo by chuttersnap on Unsplash

Senior Minister of State (Trade and Industry) Dr Koh Poh Koon unveiled Moovaz as the winner of the inaugural Trade and Connectivity Challenge (TCC) at the Singapore Logistics Forum 2019, held in October. Their winning solution seeks to address the challenge for traditional businesses to accelerate digitalization and shorten the process for them to realize the benefits brought about by technologies.

The TCC is one of several partnership initiatives at the industry level and between corporates that Enterprise Singapore supports to drive productivity, the co-creation of innovative solutions and internationalization efforts. In 2019, Enterprise Singapore and its partners have assisted over 2,000 logistic companies through these initiatives.

In the next two years, Enterprise Singapore will focus on establishing more new partnerships to raise productivity levels across the industry, facilitate more co-creation initiatives among corporates and support the internationalization efforts of Singapore logistics companies.

Together with the respective trade associations and chambers (TACs) under the Logistics Alliance, Enterprise Singapore and the TACs will look at new ways to help the industry digitalize, such as through the adoption of electronic payment.

The associations will also look at improving productivity within the industry, such as through resource-sharing initiatives.

To attract talent, the Logistics Alliance will also be working with industry players to develop a campaign that seeks to rebrand the logistics sector as a growing sector with good career opportunities.

Enterprise Singapore will also be facilitating more partnerships in emerging areas such as cross-border trucking, pharmaceutical logistics, and e-commerce. These partnerships between companies, both large and small, will enable more Singapore companies to tap on opportunities in these areas to grow their business and internationalize.

Said Mr Ted Tan, Enterprise Singapore’s Deputy Chief Executive Officer, “Shifts in global demands have led to the emergence of new growth segments. To capitalize on these new business opportunities, it is important for logistics SMEs to develop differentiating specialties and leverage technology and innovations that can help them get ahead.”

He added that “industry associations and bigger corporates are increasingly taking the lead to support the SMEs in their capabilities development. With the right skills and capabilities, these logistics SMEs will present a greater value proposition to the bigger players as they can be assured of a ready pool of SMEs that they can partner with to meet changing customer expectations.”

“Partnerships and co-innovation will remain key in ensuring the logistics industry stays competitive and in establishing Singapore as a leading hub for trade and connectivity,” he concluded.