In a Post Covid-19 world, we can expect that the number of global business hubs will decrease, as countries employ export and import restrictions, insular economies, and protectionist policies in order to economically recover from the effects of the pandemic. However, as the world looks within, Singapore maintains its outward and forward-looking vision, looking to concretise its position as one of the few remaining global business hubs, with enforced value.
As Singapore’s Minister for Trade and Industry Chan Chun Sing said, “But the real important work in generating intellectual capital, aggregating talent and mobilising capital will belong to a few of the select and high-quality business hubs.”
The importance of Singapore to reinforce its position as a global business hub in a post Covid-19 world stems from its need to respond to the growing geopolitical uncertainty, technological disruption, and societal inequality experienced in the modern era. As Singapore reinforces its status as a global business hub in the current climate, we can expect that the economic climate will be changed forever, as the sectors and industries that will be bolstered and developed to ensure this will be vastly different from a pre-Covid 19 world.
What does this mean for Permanent Residency and Citizenship Applications?
Singapore has always placed great emphasis on skilled immigration to bolster its workforce and boost the talent capital of the country. Most of the foreign population in Singapore have relocated for work, and the growing demand for Permanent Residency and new Citizenship statuses have seen applicants in relevant jobs (in line with Singapore’s future economic plans) getting a higher rate of application approvals.
Singapore will be shifting its focus on to 5 key industries:
- Precision Engineering
- Green Technology
- Urban Solutions
Candidates that have relevant and key skills and expertise in these industries would be in high demand in Singapore and can expect to be favoured in their Permanent Residency and Citizenship Applications generally, as Singapore looks towards keeping key skilled individuals in the country long-term to aid not just in the development of the aforementioned industries, but also the upskilling of the local workforce. Key companies that wish to relocate or to set up regional headquarters in the country will also find that Singapore remains open and favourable to accommodate their move. As Singapore invests into remaining a global business hub in a post-Covid 19 world, we ultimately see a shift in industry priority, which will go on to affect immigration matters from the individual to the business. As Mr Chan said, “We partner (companies) to develop our workers and a global talent pool, so that they can sustain their operations for the longer term. So, that’s what our value proposition will be.”