A Industry Transformation Map (ITM) launched by Minister of Trade and Industry, Iswaran, aims to replace the 40,000 job losses from the last 2 years in the marine and offshore engineering industry sector, with 1,500 new jobs.
The roadmap was developed by the Economic Development Board of Singapore (EDB) and other government agencies.
It aims to generate $5.8 billion to Singapore’s GDP by 2025.
The roadmap aims to pursue new growth areas such as liquified natural gas and offshore renewables, establish greater digital capabilities for companies, upgrade Singaporeans with skill sets relevant to the new jobs in sector.
40,000 workers had been retrenched or contract not renewed since 2016 from the sector, this is mainly due to the lowering of global oil prices.
Minister Iswaran acknowledges that the 1,500 new jobs added to the sector is lesser than the number retrenched, but it aim on “creating high-value jobs” to supplement the quantity.
Secretary-General, Mr Chan Chun Sing, and second Minister of Manpower, Josephine Teo, both mentioned that they have no problem hiring higher qualified foreign workers into Singapore.
Ms Teo said that it is not ideal to not hire foreign workers, and that the workforce needs a little bit of growth to support “enterprise activity”.
“If the only way in which businesses can grow is by taking employees from other businesses, there will be more friction. So you have to allow for a little bit of growth.” she added.
What’s most important in this matter is that they might have no plans to recreate the 38,500 jobs lost in the equation, and the situation is looking more favorable for the foreign workers than the locals in the foreseeable future.
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