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A Singapore brand mark will be introduced in November for local companies in various sectors to assure overseas buyers of the product’s quality.
The introduction of the new brand mark will also enable local enterprises to stand out from competitors and command premium pricing.
How will it be implemented?
In a virtual briefing on 21 September, Minister for Trade and Finance, Mr Chan Chun Sing revealed that the brand mark will first be implemented for products related to food and beverage, beauty and wellness, fashion, and homeware and decor.
Additionally, a road map for the brand mark and plans for various other sectors are slated to be unveiled in the near future.
How will this help Singapore’s economy?
There are currently about 940 enterprises in food manufacturing locally that employ more than 48,000 workers. The industry accounts for 1.1% of Singapore’s GDP growth. Furthermore, this sector has been growing steadily before the onset of COVID-19, with a compounded annual growth rate of 6.45% between 2013 and 2018. Notably, its trajectory has not been disrupted during the pandemic, indicating a substantial amount of economic potential.
In his virtual briefing, Mr Chan also noted that the Asian middle-class market has expanded over the years, whereby consumers are becoming increasingly concerned about product quality.
The implementation of the brand mark will thereby complement Singapore’s strengths and create job opportunities.
One is in the area of research and development, such as the push for agri-tech development, an initiative that is forging collaborations between institutes of higher learning and companies here.
An example of one such collaboration is KH Roberts, which set up an industrial lab with the Singapore Institute of Technology in 2019. The lab allows students access to equipment, and to learn from the company’s technicians and scientists, thereby equipping them with vital skills and expertise for the future.