SINGAPORE - A tighter partnership is needed between businesses and the Government so that regulations can be agile and adapt to changing needs and innovations, said Minister of Trade and Industry Chan Chun Sing on Friday .
Mr Chan said:"While we cannot control the circumstances around us, we can control the responses ... We will pivot our business models, develop new ideas, develop new regulations to enable new ideas to come about, and together, seize those new opportunities." Mr Chan noted:"We want the best of both worlds - we want predictability and consistency in the logic with which we regulate and yet, at the same time, we want the agility to be able to adapt to circumstances as they evolve, or even preempt the situations that may arise."
Multiple agencies such as Enterprise Singapore and the Urban Redevelopment Authority were also involved, to balance regulatory concerns with business needs. More on this topic One way around this is for more public service officers can be attached to private firms to exchange information and ideas, he said.
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