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On May 5th, 2023, Singapore’s Deputy Prime Minister and Minister for Finance Mr.Lawrence Wong, announced the updated version of the Information & Communications Industry Transformation Map (ICT ITM). Singapore will continue to push for the development of the technology industry, with a focus on specific areas such as software, IT services, online, and telecommunications, to further solidify Singapore’s position as a center for leading technology companies and technology experts.
The updated blueprint builds on the 2017 ICT ITM and aims to achieve a compound annual growth rate of 5% to 7% in specific technology sectors between 2021 and 2025, creating around 80,000 high-paying jobs.
Mr Lawrence Wong, Deputy Prime Minister stated that the Singapore government will achieve the transformation blueprint’s goals through four strategies, including doubling efforts to build a technology ecosystem, investing in key technologies such as artificial intelligence that have a competitive advantage, strengthening infrastructure such as 5G network coverage and increasing external connections, signing digital economy agreements with more countries to promote cross-border digital trade, and cultivating more local technology experts to create more good jobs.
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