Collaboration crucial for Industry 4.0 to take off

INDUSTRY 4.0 is a challenge as it will lead to fewer manufacturing jobs in the long term, even as it holds “immense opportunities” for countries and businesses around the world, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam on Tuesday.

“There will be much higher-quality jobs, but they will not be as many,” he noted.

He was giving the opening address at the inaugural Industrial Transformation Asia-Pacific – a Hannover Messe event, slated to be the biggest advanced manufacturing trade show in the region.

Even as Singapore makes strides in its Industry 4.0 journey, Mr Tharman pointed out that there is a need to create quality jobs outside of manufacturing to ensure that the future remains “job-rich” in every sector of the economy.

To harness the full potential of Industry 4.0, collaboration between countries, industries and the public and private sectors is key, he said.

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