TNC Business Strategy Research
Singapore 2020 Ministerial Statement announced by Minister of Finance on 17 August 2020 (Issue 4) - Preserving core capabilities
Ministerial Statement announced by Minister of Finance on 17 August 2020 (Issue 4)
Preserving core capabilities
Three key sectors in Singapore that had been most affected by the impact of COVID-19 – aerospace, aviation, and tourism.
Singapore’s overall economy depends heavily on these three sectors as they are key multipliers for other sectors. Singapore’s position as a global business node depends on our connectivity as an air hub, while tourism adds vibrancy to our retail and F&B sectors.
To position these sectors for recovery, the Government will work with companies to support workers with specialised skills. The below additional support will be provided, in order to retain core capabilities and position them for an eventual recovery.
The Government will allocate an additional $187 million to extend the support measures in the Enhanced Aviation Support Package up to March 2021. This will provide cost relief for our airlines, ground handlers, cargo agents, and airport tenants, as well as support our local carriers to regain our air connectivity to the world.
The Government will also scale-up the temporary redeployment programme of workers in the aviation sector. To date, 500 aircrew have been redeployed to hospitals as Care Ambassadors. The Government will create around 4,000 new jobs, including permanent roles, in the healthcare sector alone, as well as more jobs in other areas of need.
The Government will set aside $320 million for tourism credits to encourage local tourism. Called SingapoRediscovers Vouchers, these credits provide the opportunity for Singaporeans to explore our local culture and heritage, nature, art, and architecture, while at the same time supporting our tourism sector.