Singapore continues to invest in developing local trade talent: Lim Hng Kiang

SINGAPORE - Trade and Industry Minister Lim Hng Kiang said on Wednesday that Singapore continues to invest in the development of local trade talent to address new paradigms in cross-border trade.

This is part of the Republic's SkillsFuture initiative, he told the audience at the International Chamber of Commerce (ICC) Banking Commission's annual meeting at the Raffles City Convention Centre. The gathering is a platform for the global trade and trade finance community to discuss issues about the sector.

Mr Lim said International Enterprise Singapore has worked with ICC to establish the global headquarters of the ICC Academy in Singapore, while Singapore is also encouraging the growth of financial technology firms.

He added that IE Singapore and the Nanyang Technological University have developed a new international trading programme curriculum for students in engineering, business, and maritime studies.

"Our commitment towards talent development further enhances Singapore's appeal as a global trading hub," he said.

Mr Lim said trade flows in Asia remained strong, despite challenges and uncertainties faced by the global economy.

He said Asia's trade flows are "driven by rapid urbanisation, infrastructure development and strengthening regional economic integration".

Mr Lim also highlighted three trends in cross-border trade: the increased adoption of online business-to-business trading platforms, an increase in the use of yuan as an alternative currency for international trade transactions, and greater vertical integration of global commodity traders.