The global economy is undergoing a gradual rebound following the COVID-19 unrest. Developed countries, like Singapore, have fully moved into business, with the job market growing fast. The robust economic systems have helped the country navigate the stiff multinational challenges.
The government has set assertive procedures, like the Jobs Support Scheme, to recuperate economic mutilation. So, which industries in Singapore have a better growth potential and why? Read on to unveil the six most prolific industries.
- Agri-tech Industry
The Singapore government launched the 30 by 30 goal in 2019. That will see the country generate 30% of its nutritional needs locally by 2030. In 2022, established institutions, like the Singapore Food Agency, Republic Polytechnic, and Workforce Singapore, rolled out career transformation programs for the Agri-sector. These initiatives and encroached agri technologies foster sustainability and boost the quality and quantity of yields.
The reinforced agri-tech will generate around 4,700 new jobs by 2030. These opportunities are available for specialists and skilled staffers with multi-disciplinary experience in urban food production, communications, and engineering. You can be part of the predicted growth in the agri-tech industry by starting your limited private company. Start with company formation Singapore and legally operate a profitable agri-tech business.
- The Construction Industry
A report by the Business Times showed a labor inadequacy in the construction industry. You can find jobs in the private and public sectors, as hundreds of construction projects are ongoing, and others are predicted to start. The Tua’s Port and Changi Terminal 5 are some of the leading projects expected to last for decades. OCBC’s SME index data shows the industry has attained quarter-on-quarter growth since 2020.
The Ministry of Manpower has unveiled several initiatives that empower construction firms to hire more mid-career workers. Some of these, like the Jobs Growth Incentive, offer salary support to construction companies that want to employ local employees. Under this initiative, you have better chances of securing a job if you are an ex-offender, have stayed unemployed for over six months, or have a disability.
The iBuldSG Scholarship and Sponsorship Programme provides sponsorship opportunities to top-tier students pursuing Built Environment courses.
- Freelancing Industry
The internet penetration rate in Singapore is at an all-time high of 96.9%. That has pushed the work-at-home, freelancing, and remote work trends among netizens. Thousands of Singapore youths have adopted the trend of working online.
So many industries offer great offline and online freelancing opportunities, including teaching, social media influencing, content creation, finances, and design. You can work part-time or full-time from the comfort of your home as a writer, teacher, designer, financial guru, or beautician.
Freelancing drivers have become more in demand today, as many bosses no longer want to tie their workers to a contract. Slightly over 211,000 Singaporeans are freelance workers distributed across different industries and sectors. The problem with becoming a freelance worker is that you do not get the benefits full-time workers enjoy.
- Green Infrastructure Industry
This industry is in the limelight for its robustness and resilience. Private organizations and government bodies have unveiled many initiatives and projects. For instance, the Green Plan 2030 by the Singapore government has fueled the adoption of sustainable technology and solutions. You should expect more nature parks and solar-powered buildings in Singapore by 2030 per this plan.
Green infrastructure adoption will bring more efficient energy solutions, green construction, and better environmental and water conservation. You should expect more homes and businesses to adopt the Internet of Things and artificial intelligence technologies to optimize resources and buildings.
- Medical Sector
You can take advantage of the high growth potential of the medical industry to create more job opportunities or secure a better-paying job. Start a medical clinic or hospital geared towards providing customer-centered services and tap from the many benefits underway. The Singapore government has initiated programs that offer better growth potential for medical and healthcare professionals.
Out of all sectors, the healthcare sector got among the best cuts from the National Government.
Hundreds of new polyclinics, community hospitals, and age-care centers have sprouted in the last few years. These offer better opportunities for you to establish your medical career and attain financial stability.
- Cybersecurity Industry
Cloud and remote work adoption have put many Singapore businesses on the global map. Opportunities are coming from around the globe, with sales and profits skyrocketing. However, the massive adoption of the internet has triggered a new line of problems. Businesses with no robust security structures in place have experienced costly cyberattacks. Your business could go down the drain following a single cyberattack.
Singapore businesses hire top-tier cybersecurity specialists to wade off cyberattacks and maintain secure operations. The demand for these industry experts is on the rise. For this reason, you should consider a career in cybersecurity and related industries.
Singapore has significant business and job opportunities for its citizens and visitors. You could get a good-paying job in any of these industries, provided you are a skilled worker or a professional. Additionally, you can launch a company in these industries to tap from the many growth potentials in the pipe. Whichever route you take to building your career in Singapore, you should obtain the necessary documentation to avoid legal confrontations.