PRIORITY AREAS IDENTIFIED<\/p>\n
Based on the findings, the three industry groups identified several priority areas for industry and government action.<\/p>\n
The first is stimulating local spending, through measures such as consumption vouchers and support for stronger retail and F&B offerings.<\/p>\n
The industry groups noted that the CDC voucher scheme mainly supports heartland businesses. They proposed expanding it to include merchants in sectors most exposed to outbound spend, such as drug stores and toiletries, groceries and food products, and restaurants and cafes.<\/p>\n
The second is boosting tourist spend, by encouraging visitors to stay longer, explore more and spend more in Singapore, including through strengthening the country’s attractiveness for experiences, events and “higher-value consumption”.<\/p>\n
The groups suggested expanding and enhancing Singapore’s night-time economy to include cultural performances, live shows, sports and wellness activities and night markets, among others.<\/p>\n
The third is supporting business adaptation, by addressing structural cost pressures and encouraging new operating and business models.<\/p>\n
For malls and retail tenants undertaking upgrading works, the study recommended temporary property tax relief during significant upgrading projects. It also recommended allowing the cross-deployment of foreign workers across “related roles or commonly owned entities”, so firms can better match manpower to operational demand.<\/p>\n
SBF\u2019s Mr Kok said the study findings have been shared with relevant government agencies. He added that the RTS Link task force, formed last year to support local businesses, also welcomed the findings.\u00a0<\/p>\n
\u201cWe do hope that over the next few months we have the opportunity to stress test these recommendations with them, and hopefully the government will take it in totality,\u201d he said.\u00a0
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