What should Singaporean businesses and professionals expect this 2022? As part of a new insights series, YCP Solidiance will be releasing several in-depth articles that feature emerging business trends in Singapore, guided by research and analysis from our team of professionals in the country.
Read the first installment below to get a comprehensive overview of which business trends are expected to dominate in Singapore for 2022. To read future installments of this article series, subscribe to our newsletter here.
Due to an influx of post-pandemic activity, businesses in Singapore are expected to rebound in 2022. The anticipated economic recovery will also be bolstered by cross-border transactions, such as the recently announced Pacific Alliance-Singapore Free Trade Agreement (PASFTA). This free trade agreement with the Pacific Alliance trade bloc—which consists of Chile, Colombia, Mexico, and Peru whose combined GDP amounts to 2.6+ trillion USD—will place Singapore in a unique position to transact and partner with investors and businesses in the Latin American market.
The economic growth in 2021 and creation of beneficial trade agreements like the PASFTA will serve to drive business in Singapore both for domestic and international stakeholders. All things considered, it seems that Singapore is set for another successful business year in several markets—particularly in the areas of digitalization, eldercare, and sustainability.
Digitalization trends in Singapore do not only manifest in how businesses are planning to operate in a post-pandemic era, but also in increased investments in sectors that directly involve digital spaces like Cybersecurity or 3D printing. For instance, the National Research Foundation (NRF) is investing 150 million USD to boost Singapore’s artificial intelligence (AI) capabilities amid labor shortages stemming from the pandemic.
These days, healthcare institutions rely heavily on the use of innovative solutions like remote patient consultations and advancements in medical technology. An example is Singaporean eldercare start-up, Homage, which provides teleconsultation services and is a perfect illustration of why investment in eldercare will be so valuable in the "new normal."
Among the business trends mentioned thus far, sustainability will remain a key concern for many businesses in Singapore. Aside from global policies and agreements like COP26 that aim to curb the adverse effects related to issues like climate change, awareness at the macro-level must be increased. With investments in green solutions such as producing sustainable products like plant-based meat, or even larger projects such as the exploration of renewable energy sources, sustainability must be a point of emphasis for all stakeholders involved.
As businesses and professionals in Singapore attempt to capitalize on the emerging business trends for 2022, one must consider that long-term success can only come from a multi-faceted approach. While emphasis on only one aspect or trend may bear short-term benefits, prioritizing the development of Singapore’s future as a global competitor is of far greater importance.