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Remarks by Mr Koh Boon Hwee, Chairman of Infocomm Media 2025 Steering Committee at the launch of Infocomm Media 2025

11 August 2015 - Remarks by Mr Koh Boon Hwee, Chairman of Infocomm Media 2025 Steering Committee at the launch of Infocomm Media 2025 on 11 August 2015, at BASH.

Remarks by Mr Koh Boon Hwee, Chairman of Infocomm Media 2025 Steering Committee at the launch of Infocomm Media 2025 on 11 August 2015, at BASH

Ladies and Gentlemen

Good Afternoon,
On behalf of the Steering Committee, I would like to thank Minister for gracing this occasion.

2. Today, we launch our Infocomm Media 2025 plan. This event is the culmination of an enormous collective effort that began in 2013 when the Steering Committee was convened to develop both the infocomm and media sectors, as well as to harness opportunities arising from infocomm media convergence.

3. Our Infocomm Media 2025 plan is more than a vision. In developing this plan, we want to build an infocomm media ecosystem that is more innovative and capable of creating solutions for us to face some of Singapore’s big national challenges with greater confidence. Our Prime Minister has outlined these challenges on various occasions. They include improving productivity growth, creating high-skilled jobs, supporting an ageing population and fostering a cohesive society in the midst of globalisation.

4. With this common purpose in mind, our plan also takes into account technology and business trends that will power many of the innovations and impact the media landscape over the next decade. Several trends have stood out more than others. In particular, technology innovations in Big Data and Analytics, Internet of Things, Immersive media, Cognitive Computing and Advanced Robotics, Future Communication and Collaboration, and Cyber Security, hold considerable promise in the development of sustainable solutions to our national challenges. Business trends such as mobility and increased connectivity; as well as media content breaking free from platforms; point to boundless opportunities in the mobile space and transmedia.

5. These trends have also transformed the media landscape and the way audiences consume media. It is therefore important to help the industry navigate in a constantly evolving media environment, and develop the necessary capabilities to tap on new technologies and trends in order to stay relevant to audiences.

6. We recognise that we cannot prescribe specific technologies or solutions to develop, because technology will continue to advance at a breakneck pace. Therefore, our plan articulates three broad strategic thrusts to address the national challenges we need to solve, and proposes the capabilities we need to build to effectively harness the power of infocomm media.

7. The first thrust aims to enhance Singapore’s economic competitiveness by capitalising data, advanced communications and computational technologies. With better connectivity and more powerful computational technologies, data analytics can be a powerful tool that enables our businesses to draw sharper insights into their customers and operations. It can make our businesses smarter, more productive, and more competitive, thereby powering our economic growth.

8. For our second thrust, we envisage an infocomm media ecosystem that encourages risk taking and continuous experimentation to develop successful Singapore-made content, products, and services. The infocomm media sector offers many exciting opportunities for Singaporeans. To seize these opportunities, we will need to develop more creators and innovators. We will need to groom such talent and mind-set from young as well as encourage greater innovation among our enterprises so that they have the confidence to tackle big, complex and challenging problems in the future.

9. The third thrust strives to connect our people through infocomm media to enhance our quality of life and to promote a stronger Singaporean identity. Beyond better jobs, better incomes, and better profits, infocomm media will deliver a better quality of life for Singaporeans. This sector is one of the few that can positively impact the everyday lives of people in a very direct and personal way, making lives richer, easier and more fulfilling. At the same time, infocomm media can also help bind us closer as a community and strengthen our national identity.

10. Each thrust focuses on a different area but they share one unifying goal that is to foster a globally competitive infocomm media ecosystem that enables and complements our Smart Nation vision, that brings about economic and social transformation, and that creates enriching and compelling content to help bind our communities and create a shared identity.

11. In the spirit of risk-taking and experimentation, we are aware that some of our recommendations may not always work out as we hope they will. Nevertheless, we strongly believe that these strategic thrusts point us in the broad direction we need to head towards in the long run.

12. In summary, our plan illustrates the enabling powers of infocomm media. It can drive economic success. It can empower and ease everyday lives. It can connect people. It can make our life richer, more fulfilling and easier in every way. It is clear that we cannot afford not to invest in infocomm media if we want to continue to be a successful nation.

13. My colleagues and I on the Steering Committee are honoured to be given the opportunity to lead and contribute to the development of the infocomm and media sectors in Singapore. I would also like to thank everyone who has contributed in various ways to this effort. This is the largest private sector led effort for any infocomm media masterplan with almost 80% of members in our steering and working committees from the private sector. I hope that our recommendations in this plan will pave the way for a stronger economy powered by infocomm media, and better lives for our people.