The three components are intended to ensure a comprehensive and inclusive smart city strategy through the participation of the government, businesses and citizens. Digital Economy: Developed in 2018, the “Digital Economy Framework for Action” sets out to guide businesses and the workforce about how to adopt digitalisation in order to keep the economy attractive through the creation of opportunities. Organised around three principles - Accelerate, Compete and Transform - the plan lays out a strategy for Singapore to become a digital economy capable of reinventing and adapting itself to change. In addition to strengthening physical and digital infrastructure, the plan details programmes for (re)training the workforce as well as adapting policies, regulations and standards in a manner that intends to strike a balance between making Singapore competitive and protecting the public interest.