SINGAPORE - The digital economy is a major element of Singapore's economy, Prime Minister Lee Hsien Loong said on Tuesday (July 11).
Mr Lee was speaking via a video link from Munich, where he jointly launched a new data analytics and digital services hub in Singapore that will unite sectors like transport, healthcare, manufacturing and energy - in the Internet of Things (IoT).
The hub, which has been set up by German technology giant Siemens, "will support the increasing opportunities for companies, government agencies and individuals to co-develop innovative digital solutions in the industrial IoT space", said Economic Development Board chairman Beh Swan Gin.
Siemens will work with local partners to build an energy management software platform to boost planning, surveillance and maintenance of SP Group's electricity network.
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It will also help Singapore Technologies Engineering's electronics arm, ST Electronics, to develop applications for roads, harbours, airports and mass transit and will work with Nanyang Technological University in areas like self-driving vehicles and green building performance.
Siemens chief executive Joe Kaeser said that digital transformation is "about our collective future - about jobs, about prosperity, about society as a whole" and requires long-term planning like the Government's Smart Nation initiative.
He singled out the driverless Downtown Line, which uses Siemens technology for its automation and power supply, as one example of his company's role in building infrastructure here.
SP Group chief executive Wong Kim Yin said in a statement: "The next-generation digital technologies SP Group and Siemens are creating will enhance the
world-class reliability and resilience of Singapore's electricity network."
Mr Kaeser and PM Lee together unveiled a plaque in Munich, while Minister for Trade and Industry (Industry) S. Iswaran and Siemens Singapore chief executive Armin Bruck opened the hub here.