The 10,000 productivity-related projects accomplished last year helped some 8,300 companies, largely in services industries such as lifestyle, trade and transport, to become more manpower-lean, ESG said.
Other ambitious initiatives rolled out by the ESG last year include two rounds of Scale-up SG - in July, and again in December - which supports the rapid expansion of home-grown companies that are tipped to have potential for high growth. ESG chief executive Png Cheong Boon, calling the yearly figures encouraging, noted that companies invested in resilience and competitiveness in spite of"global uncertainties and domestic challenges" in 2019. Singapore had to contend with a sharp economic slowdown that was amplified by the trade war between the United States and China.
"Only by doing so will they be able to compete locally and overseas, and better position themselves," he said.