Firms must build resilient supply chains and tap opportunities from China’s restructuring: DPM Heng

News Snapshot:

SINGAPORE – Singapore firms need to build stronger supply chains as trade becomes more diversified and opportunities arise from economic shifts in China, said Deputy Prime Minister Heng Swee Keat on Feb 1. DPM Heng noted that the pandemic has made companies more aware of potential disruptions and driven them to make contingency plans, a process that is occurring amid tensions between China and the United States. “Instead of relying purely on one location, which is big enough that you can manufacture the entire supply chain, people are now concerned about over-dependence, and about action that will be taken on...