Singapore’s Trade and Industry Minister Calls On Businesses To Drive Productivity
Using one soup company as an example, Singapore’s Minister of State for Trade and Industry (MTI) Mr. Teo Ser Luck called on Singapore companies to aim to increase their productivity to fuel more growth, and therefore drive the national economy to better prospects.
In a visit to The Soup Spoon or TSS at the Marina Bay Link Mall mid-February, the Minister expounded on the company’s initiatives to fuel productivity, and called on businesses to do the same. Mr. Teo Ser Luck highlighted the streamlined workflow of TSS, which he commended for allowing workers to accomplish more, deliver more to clients, and bring in more revenue along the way.
“The Soup Spoon is a good example of a company which enhances business competitiveness through improvement of productivity,” the Minister was quoted as saying in a report by the Ministry of Trade and Industry. The Minister has pointed out that the company has tapped “process innovations” and “technology upgrading” to boost employee productivity.
A visit to the TSS work area revealed a streamlined workflow and service delivery system, which reduced clients’ waiting time by 33%. It has also effectively reduced work area consumption and brought as much as 66% of cost savings to the company as a result.
To further buoy the confidence of Singapore’s greater Small and Medium Enterprises (SMEs) industry, the Minister of Trade and Industry (MTI) vowed to continue supporting SMEs’ efforts to “boost capabilities and improve productivity during this economic transformation.” It says that the local government will focus on three areas to help SMEs thrive: first, increased productivity; more local and overseas growth opportunities; and the creation of a more conducive business environment. The MTI says it is finalising recommendations for these efforts and is due to announce the same in the Budget and Committee of Supply debate in Singapore.