[Ferro-Alloys.com] Singapore's Minister for Manpower and Second Minister for Trade and Industry Tan See Leng said Tuesday that Singapore must reinforce its position as a resilient offshore trading hub for the ferrous and steel sector.
He said at the opening ceremony of the Singapore International Ferrous Week 2021 that the city-state aims to distinguish itself from the competitors based on the intangible factors, such as the strong rule of law, favorable business environment, liquid financial sector, and highly skilled workforce.
"Nonetheless, we must work hard to preserve our status. One way to do so is to improve the transparency of Singapore's trade financing," he added.
The minister offered three suggestions on how Singapore's ferrous community can pivot and thrive in the new business environment, where the impact of the COVID-19 pandemic continues to be keenly felt, the post-pandemic recovery is expected to be protracted and highly uneven across various geographies and sectors, and structural shifts accelerated by the pandemic present a myriad of challenges for the commodities sector.
Besides reinforcing Singapore's position as a trading hub, Tan suggested that Singapore's ferrous and steel sector embraces the opportunities afforded by digitalization, and the companies continue to innovate to transform their operations and build new competitive advantages.
The Singapore International Ferrous Week 2021, held from July 13 to 15, is co-organized by Enterprise Singapore, the Singapore Exchange (SGX), Esteel together with partners. It is a platform for pan-Asian industry experts and decision makers across the steel-making and trading value chain to explore partnerships and growth opportunities.
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