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As some sectors thrive, others need new business model: Chan Chun Sing

May 29, 2020 | 🚀 Fathership
Citing these developments, Trade and Industry Minister Chan Chun Sing said the entertainment industry is among those that will require a new business model as the pandemic refashions the economy.

"Fundamentally, the demand has changed, and perhaps people's way of life also is going to change," said Mr Chan, as he outlined the sectors that Singapore should invest in and attract, as well as those that need to change.

In Singapore, online retail, biopharma, information and communications technology, 5G, wealth management, banking, finance and autonomous vehicle technology are among the sectors that have seen increased economic output, he said.

With demand for products and services in these areas expected to grow, Mr Chan said Singapore will continue to invest in these sectors to create good jobs for its people.

Until a vaccine is found, these industries will have to find a new way to connect with customers, Mr Chan said, adding that the Government will help.