SINGAPORE - Singapore must shift from simply adding value to creating value in order to unlock future economic potential, said Minister for Trade and Industry (Industry) S Iswaran on Thursday (Oct 29).
Mr Iswaran, who was speaking at the Economic Society of Singapore Economic Policy Forum on Thursday morning, said this is especially important since domestic constraints are tightening and technological trends are poised to disrupt existing business models.
Singapore is now facing a more challenging environment where slower growth is likely to be the norm, he said.
The minister pointed to three key ways Singapore can become a better value creator and remain competitive.
First, the country must use its small size as an advantage to ensure a quick and coordinated response to complex issues and changing trends.
Next, Singapore must nurture broader and deeper public-private partnerships, for instance in research and development.
Finally, Singapore must develop new growth capabilities, such as in smart and sustainable urban solutions.