“But at the same time also, always strengthen the trust we have with the business community, with our international partners, and of course with our friends all around the world.”
Mr Lim said it was such a high level of cooperation and cohesion that helped Singapore overcome the worst of the supply chain disruptions during the pandemic.
Noting that Singapore has never seen stockpiling as the single answer to ensure access to essential supplies, Mr Lim said turning to the stockpiles remains “our measure of last resort”.
Mr Lim said it is helpful to have items physically in stock, as Singapore has done with rice.
However, he noted: “I think the first thing we have to recognise is that we can’t prepare a hundred per cent for every last eventuality. I think it’s not possible. It’s also too expensive and you can’t stockpile everything. You just don’t have enough space.”
It is important to prioritise the areas that require stockpiling, and to make sure the country has “enough as a baseline to get through that as a critical and essential service, come what may”.
Diversification of its import and export markets is still a key strategy Singapore is adopting.