Image Credits - NPR
In a resolute move to secure its economic future amidst global uncertainties, Singapore has orchestrated a remarkable transformation over the past eight years. Spearheaded by Deputy Prime Minister Heng Swee Keat, this ambitious restructuring initiative aimed to fortify the nation’s competitive edge and resilience in the face of evolving challenges.
Highlighting the profound impact of these efforts, DPM Heng underscored Singapore’s robust economic performance. Between 2016 and 2023, the economy achieved an impressive annual real value-added growth of 2.8% alongside a 2.1% increase in labour productivity per annum, outpacing many comparable advanced economies. This growth has translated into tangible improvements in the lives of Singaporeans, with median incomes of full-time residents experiencing a steady annual rise of 1.5%.
Speaking at the second Singapore Apex Business Summit, DPM Heng emphasized the pivotal role of strategic partnerships and forward-looking policies in navigating the complexities of today’s global landscape. He stressed the importance of sustained innovation and technological integration, underpinned by a significant government commitment of $28 billion towards bolstering research and development capabilities.
Central to Singapore’s approach is its tripartite collaboration model, uniting the Ministry of Manpower, National Trades Union Congress, and Singapore National Employers Federation. This cooperative framework has been instrumental in crafting inclusive policies such as the Jobs Transformation Maps and Career Conversion programmes, aimed at upskilling the workforce and fostering resilient businesses.
Looking ahead, sustainability emerges as a cornerstone of Singapore’s future strategy, particularly in mitigating climate risks—a critical imperative for a nation vulnerable to environmental changes. DPM Heng highlighted the country’s proactive stance in forging pioneering agreements like the Green Economy Agreement with Australia, signalling its commitment to global environmental stewardship.
As Singapore continues to position itself as a hub for innovation and enterprise, its unwavering dedication to openness and collaboration remains paramount. Through bilateral and regional free trade agreements and digital economy pacts, Singapore seeks to enhance its connectivity and leverage shared expertise on a global scale.