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aws全区号(www.2km.me)_Rewriting their playbook

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Big plans: A general view shows the financial business district in Singapore. The city-state has created a 2030 roadmap to become a regional hub for carbon trading and green finance. — AFP

SINGAPORE: The triple shock of the pandemic, disruptive tech and climate change is pushing Singapore to rewrite one of the world’s most successful economic models.

Over the past two years, at least eight state-linked companies have announced major mergers, acquisitions, asset disposals or privatisations in the island’s biggest industrial overhaul in two decades.

Oil-rig builder Keppel Corp has been pivoting toward clean energy, while Sembcorp Industries Ltd shed its rig business altogether. Singapore Telecommunications Ltd is entering the world of digital banking.

“I compare this to the restructuring phase of Singapore conglomerates in early 2000s” in the aftermath of the SARS virus and the dot-com crash, said Kenneth Tang, a portfolio manager at Nikko Asset Management Co. “Those were very dark times for Singapore but they became a catalyst for change.”

Singapore’s government has for decades curated the nation’s economic future through a group of state-owned champions, shifting direction as needed to stay relevant in the global economy. But the latest rewriting of the nation’s industrial playbook may prove harder as the giant firms take on competitors that are often newer and more nimble.

The government has been pumping billions in recent years into transforming 23 industries including manufacturing, financial services and real estate to meet the challenges of digitalisation. At the same time, Singapore has created a 2030 roadmap to become a regional hub for carbon trading and green finance.

It has also set aside about S$25bil (US$18.4bil or RM77.5bil) through 2025 for research in areas such as health and biomedical sciences, climate change and artificial intelligence. And a series of industry-led groups have been set up to explore opportunities in areas such as robotics, e-commerce and supply-chain digitalization, with government support.

For Keppel, Sembcorp Industries and Sembcorp Marine Ltd., the changing global economy means trying to shed or merge oil-related businesses and focus on renewable energy such as offshore wind and hydrogen.

It’s a major shift for one of the world’s top oil trading and refining cities, particularly at a time when the fuel’s price has been rising. Singapore has oil refining capacity of 1.5 million barrels per day, according to the United States International Trade Administration website. It’s the fifth-largest refinery and export hub in the world, the US Energy Information Administration says.

While Keppel has increased its focus on renewable energy, it’s also expanding its liquefied natural gas business. It’s in talks to merge its rig-building operations with smaller rival Sembcorp Marine. Sembcorp Marine has also moved into clean energy in recent years, while it still works on fossil-fuel projects.

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