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Singapore Includes Retail in the Industry Transformation Map

Written by: Bridgewest

The Minister for Trade and Industry has announced the introduction of two new industries in the Industry Transformation Map: the food services and the retail sectors. If not much details were given about the first one, the Retail Industry Transformation Map was launched in September. If you want to open a company in Singapore, in the retail industry, our agents can guide you through the company formation process.

The new Retail Industry Transformation Map in Singapore

With the aim of creating a competitive environment for existing companies, but also to encourage the opening of new companies in this sector in Singapore, the Ministry for Trade and Industry adapts the Industry Transformation Map to each economic branch. This time, the Ministry bets on the retail industry, and most of all on the introduction of the multichannel retail cluster in the program. The new Map wants to help retail companies in Singapore to increase productivity and to boost e-commerce platforms among these businesses, considering the number of costumers is shifting from traditional shops to online stores.

Foreign investors seeking to open companies in the city-state can ask for assistance from our company registration specialists in Singapore.

What are the new directions of the Singapore multichannel retail sector?

The Minister of Trade has proposed four directions for the development of the Singapore retail industry:

  • -          boosting innovation in the sector;
  • -           using new technology to increase the productivity;
  • -          enabling new training programs for employees;
  • -          helping companies to address other markets than the local one.

These efforts combined should help Singapore retail companies to adopt multichannel strategies which will help them support consumers in the online and offline environments. SPRING Singapore and the Infocomm Development Authority have announced their participation to the new program.

The new Retail Industry Transformation Map also aims to help companies use robot assistants and radio-frequency identification inventory management. This will help retailers to tap into foreign markets easier than before.

For complete information on the legislation related to opening a retail business in the city-state, please contact our Singapore company formation consultants. They will help you open a company in Singapore in any economic field. 

 

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