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ACTS to quicken movement of
Electronics to carry the manufacturing sector in Q1 2021
Singapore’s industrial production grew 8.6% over the first part of the year, driven by the electronics sector, according to Moody’s Analytics.
Moody’s Analytics said that almost 20% YoY surge of the electronics sector comes on the back of a heightened demand for semiconductors due to a global shortage in the automobile sector.
“Together with heightened demand from 5G markets and cloud services, the electronics boom will carry the manufacturing sector in the first quarter of the year,” it said.
HSBC Global Research economist Yun Liu agreed with Moody’s analysis, but countered that electronics saw a pullback in its strong momentum, falling 9% MoM. She added that the almost 20% YoY growth that the sector saw was due to its relatively low base last year.
Liu said that the growth in IP was supported strongly by rebound in pharmaceutical production which saw a jump of 85.4% MoM after falling sequentially in December.
“On a MoM basis, this was led by impressive growth in pharmaceuticals. However, on a YoY basis, this was almost entirely thanks to ongoing strength in semiconductors. Yes, base effects are partly playing a role, but it’s not because of “conventional” Lunar New Year distortions. Rather, electronics production was in a relatively weaker position in 1Q20, but pharma came from a high base during the same period,” Liu added.
Both analysts agreed that strong manufacturing growth is expected to support the economic rebound into 2021, with the manufacturing sector seto to expand firmly in the year whilst serving as bedrock to Singapore’s growth.
Liu predicts that the economy will grow by 6.5% in 2021, one of the fastest in the region.
ACTS to quicken movement of shipped goods
The ASEAN Customs Transit System (ACTS), officially launched in November 2020, is a distributed online IT system that makes movement of goods in transit through ASEAN countries quicker and easier. It was developed with technical and financial support from the European Union.
With it, businesses are enabled to make single Customs transit declarations without needing to make repeated Customs declarations or change vehicles at the border of each country they cross.
Its main features include: single electronic Customs transit goods declaration; single guarantee valid for the whole regional transit journey; single vehicle for the departure to destination; significant concessions for Authorised Transit Traders through application of simplified procedures; automated real time information availability at all Customs points during the journey, standard harmonised electronic data for message exchanges; streamlined Customs controls across countries; minimal transit border checks; mutual licence recognition; and full end-to-end computerisation of ACTS operations.
In an exclusive interview with Singapore Business Review, Bruno Selmoni (head of road freight and multimodal ASEAN and South Asia, DHL Global Forwarding Management APAC) said Singapore can benefit from this programme.
How will ACTS impact companies, particularly in Singapore?
The full implementation of the ACTS will contribute to the list of benefits by lowering costs, and enhancing efficiency and reliability for road freight movements in the region by harmonising the cross-border regulatory processes and standards imposed across different ASEAN member economies.
The backbone of the ACTS is the use of a regional computerised customs transit management system which allows the customs administrations in each ASEAN Member State to efficiently capture and track the status and movement of goods under the ACTS.
Instead of having to transfer cargo or container at each country’s checkpoint, forwarders save time and resources by completing the journey with a single truck, single customs declaration and single banker’s guarantee across participating countries under the ACTS. [It] will also lower costs over time, whilst enhancing efficiency and reliability for road freight movements in the region by harmonising the cross-border regulatory processes and standards imposed across different member economies. The benefits of an integrated seamless customs framework would not be reaped by logistics providers, but also by exporters and importers of participating ASEAN countries.
How is ACTS relevant alongside other economic initiatives for ASEAN?
Whilst free trade agreements such as the Regional Comprehensive Economic Partnership and Comprehensive and Progressive Agreement for Trans-Pacific Partnership provide the foundation to stimulate trade among signatories, a single cross-border transit regime like the ACTS greases the wheels for intraASEAN economic development. The ACTS is an integral part of the ASEAN leaders’ decision to create the AEC to introduce the free flow of goods, services, investment and skilled labour, and freer flow of capital in the region. For the AEC to take root, the establishment of a fully harmonised Customs and transport environment is of the highest priority.
Whilst not directly connected to China’s Belt and Road (B&R) initiative, the ACTS has the potential to ease shipping processes for businesses based in markets connected to the B&R, and are shipping to ASEAN or vice versa.
Businesses can make single Customs transit declarations without needing to make repeated declarations or change vehicles at the border of each country
ACTS improves the ability of Customs authorities to detect and prevent smuggling
Top Employer HCL Technologies lauds resilient workforce for its success
A leading global company, HCL Technologies shares how they adapted to the needs of their workforce during the height of the pandemic.
Apparao V V, Chief Human Resources Officer at HCL Technologies
The COVID-19 crisis tested the limits of many companies around the world last year. Whilst 2021 ushers in a more restrained optimism for the global business community, the pandemic continues to wreak havoc and leave a long trail of destruction along its path.
Despite this, numerous enterprises are ready to take the challenge of shielding themselves against the crisis. This year marks that, and many businesses are reinforcing their need to survive and support their employees in adapting to new ways of working. As their people develop resiliency to these changes, companies progress despite the difficulties.
“A healthy culture can help steer companies through uncharted waters. And, in a crisis, it may prove to be an invaluable lifeline and we do believe that most of the organisations would reset, reimagine, renew the way they look at employees and the impact the culture lasts,” said HCL Technologies Chief Human Resources Officer Apparao V V,.
HCL Technologies is a leading global technology company that helps enterprises reimagine their businesses for the digital age. Certified Top Employer in eleven countries to date, it joins an elite roster of 18 Singaporebased companies plus 1 673 organisations from around the world like Boehringer Ingelheim, DHL, Infosys, JTI, Novartis, Orange, Pepsico, Philip Morris International, Saint-Gobain, Sandoz, Takeda, and Tata Consultancy Services.
Getting the much-coveted and prestigious Top Employers certification globally certifies an organisation’s excellence in creating optimal employee conditions in the workplace—something that HCL Technologies takes pride in. The company is known for its outstanding work environment, including employee satisfaction with the company’s COVID-19 response.
“The biggest learnings we have faced during 2020 is how to respond to the changing needs of our workforce in a mutable and unprecedented environment,” said Apparao. “Many of us were functioning in a world where work norms were preestablished, and the rapid shift to how we all worked with minimal transition periods was a great learning opportunity.”
“As an organisation we learnt how to stay united despite being apart, how to gauge the needs of our workforce in terms of remote functionality, remaining interconnected, and improving overall health and wellbeing,” he added.
The result is a resilient workforce on top of its game despite the challenges of the pandemic.
“Words (and sentiments) like ‘recover’, ‘bounce back’, and ‘resilient’ were seen peppered across conversations and communication whilst speculating about the post-COVID-19 world. The year 2020 was about learning how one must react to these times and how we should be ready for anything unforeseen. The year 2020 was an opportunity to stop looking at surviving but thriving,” he said.
Thriving during uncertainty has given the company a better appreciation of change and of its entire workforce across 50 countries.
“As said by our CEO, C Vijayakumar, HCL Technologies family is a great example of positive energy. Collectively, we have disrupted our working model, with almost 90% of us now operating in work-fromhome formats at one given point in time, most projects and locations even working 100% from their respective locations,” said Apparao.
“We have met our client deliverables and expectations to a very large extent and this was only possible by the support of each and every one of our employees for positively embracing all the changes that have come their way at such speed and short notice. A testimony to this is our FY20 Annual Customer Satisfaction Survey, where we achieved very high satisfaction scores from our top clients,” he added.
The Top Employers Certification demonstrates that an organisation is a trusted employer. Presented to us by Top Employers Institute, the certification provides the opportunity to celebrate this achievement and reinforce the crucial role of people and HR within a business.
HCL Technologies bagged the Top Employers certification for its outstanding work environment
