SINGAPORE: Support measures must be “targeted” in order to help the different types of businesses survive the impact of the COVID-19 pandemic, said Trade and Industry Minister Chan Chun Sing on Thursday .
“So the measures are quite different and must be targeted in order for them to be useful to the respective companies.” These new opportunities are being seen in the region now as companies reshuffle their production and supply chains, he added. He also wrote that he has been having “intensive discussions” with government agencies to review and adjust support schemes as the situation develops.Data released this week showed the Singapore economy contracting 6.7 per cent in the first half of the year, with aamid a two-month “circuit breaker” and weak external demand.
There has been “good progress” but the minister cautioned against complacency given the experience of how recurring waves of infections have prompted other economies to impose shutdowns again.