SINGAPORE: The infocomm media (ICM) sector is likely to occupy a bigger share of Singapore’s economy in future, Minister for Communications and Information Josephine Teo said on Wednesday.
That’s as some 20,000 digital roles are tipped to be added by the committed investments that the Economic Development Board secured in 2019 and 2020, or two-fifths of the job creation from these investments, report agencies.
She added that “it therefore does not take a great leap of faith” to expect the ICM sector to grow from its 10 per cent share of the economy.
Economic contributions from the ICM sector had already expanded by 4.8 per cent in 2020, while local employment increased by 8,100 jobs.
“The sector will be vital in building up Singapore’s digital innovation capabilities, and creating sophisticated digital products and services that have the potential to reach global markets,” said Mrs Teo. “It will also be a growth multiplier for the broader economy.”
The minister also reiterated several key strategies to support industry in building a digital economy.
These include enhancing enterprises’ digital capabilities - such as by grooming high-performing firms as “digital leaders” - and inking digital economy agreements to enhance connectivity with partners abroad.
Mrs Teo was addressing an event by Singtel-owned technology provider NCS at the Sands Expo and Convention Centre, in her first public speech since switching portfolios in May’s Cabinet reshuffle.
In a sign of the times, NCS plans to hire “up to 2,000 tech talent over the next two years”, as its new NCS NEXT arm, which was created in late-2019, works to boost a pivot towards digital, cloud and platform services.
By reinventing themselves, technology providers like NCS are better equipped to seize new enterprise information technology opportunities, and support the digitalisation of local enterprises, Mrs Teo told the corporate crowd.
NCS, which first announced a strategic transformation in end-2020, on Wednesday unveiled a new brand identity that includes the business segments “Gov+” and “Telco+”.
Expanding on NCS’s track record serving the Singapore public sector, Gov+ is meant to grow the firm’s portfolio with governments and smart cities across the Asia-Pacific.
Meanwhile, Telco+ has been billed as a joint initiative with the parent company, to help telcos improve operational efficiencies and develop 5G-enabled solutions for businesses.