Be open to private sector's proposals for recovery: Task force co-chair

PSA INTERNATIONAL CHIEF EXECUTIVE TAN CHONG MENG

Concerns about protecting lives amid the Covid-19 pandemic have evolved to also be about the protection of livelihoods, and the co-chair of the Emerging Stronger task force yesterday urged the Government to be open to the solutions it will offer by early next year.

PSA International chief executive Tan Chong Meng, who co-chairs the task force with Minister for Social and Family Development and Second Minister for National Development Desmond Lee, said the private sector will be taking the lead in formulating the recommendations that will rehabilitate companies that are struggling.

Speaking at the DBS Asian Insights Conference, he said this "more action-oriented approach" is a break from tradition.

"We are a small country. There's a very strong public sector, often providing good leadership, but also a bright, vibrant private sector comprising local, good and strong companies, and many international companies."

There has been a history of good exchange, he added, pointing out that traditionally, the public sector sets the direction and the private sector carries out the implementation. "But now, it's the private sector that is saying these things need to be done," Mr Tan said.

Previously, businesses helped the Government by thinking through and shaping policies and being a sounding board, and in "six to nine months' time, help to stamp the policy", he added.

"But with this crisis, the concerns have gone from initially lives, how do we stay safe, to livelihoods, how do we create jobs, and you need healthy companies (for that)," he said. "Today, companies are becoming unhealthy. You can't rescue that just by public sector policy. Companies must rehabilitate themselves."

The 17-member task force comprises Mr Lee and private sector representatives including DBS Bank chief executive Piyush Gupta and Changi Airport Group CEO Lee Seow Hiang.

Aw Cheng Wei

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A version of this article appeared in the print edition of The Straits Times on July 24, 2020, with the headline Be open to private sector's proposals for recovery: Task force co-chair. Subscribe