SINGAPORE, Jan. 24 (Xinhua) -- Singapore launched the Professional Services Industry Transformation Map (ITM) on Wednesday, according to a press release from the Singapore Economic Development Board.

The ITM charts a roadmap to develop the industry to become a global market leader in high-value, specialist services, driven by innovation and partnerships, over a five-to 10-year horizon.

It sets targets for the industry by 2020, which include achieving 4.6 percent growth rate per annum to reach 31 billion Singapore dollars (about 23.63 billion U.S. dollars) in value-add, and creating 5,500 new professional, managerial, executive and technical jobs per annum.

Indranee Rajah, senior minister of state for law and finance, said the professional services sector is a growing industry with tremendous potential for job creation, and Singapore has the right conditions for companies to innovate world-class business solutions and forge cross-disciplinary partnerships.

"The ITM is an integrated plan that will enable our firms to scale, innovate and increase their productivity, while preparing Singaporeans to take on exciting new jobs such as digital product developers, data modellers and risk advisory professionals," she said.

The professional services sector includes firms in architecture and engineering services, consulting, accounting, legal and advertising, among others.