Firms need more help to develop sustainability, AI capabilities

KPMG, SID's Budget proposals also include apprenticeship schemes for future directors

- Sue-Ann Tan

Companies need more support from the Government to develop their sustainability capabilities and leverage new technologies like artificial intelligence (AI).

These are two of the recommendations for Budget 2025 that professional services firm KPMG and the Singapore Institute of Directors (SID) released on Jan 8.

They also recommended more talent development initiatives, such as board apprenticeship programmes, to help companies with succession planning.

The Budget statement is slated to be delivered on Feb 18.

"Value creation is a significant challenge for Singapore amid a volatile global economy and growing concerns over digital trust, particularly with generative AI's rapid rise," said Mr Ajay Kumar Sanganeria, head of tax at KPMG in Singapore.

He noted that the Government has to take the lead in driving transformation.

"Key areas of focus must include accelerating green infrastructure development through diverse green financing instruments, beyond traditional blended finance. Furthermore, a fast-track approach is required to support enterprises in their sustainability and technology transitions," he said.

To help companies with their sustainability practices, a centralised hub around environmental, social and governance (ESG) concerns can be created to aid firms in navigating reporting requirements.