Economic restructuring is of "utmost priority", Education Minister Heng Swee Keat said today.
In view of the recent Population White Paper which is a basis for charting future policies, Mr Heng said Singapore could not keep relying on cheap foreign labour.
He said he hoped the business community could use this transition period to ramp up productivity.
He was speaking at a Chinese New Year gathering at the Singapore Chinese Chamber of Commerce & Industry.
Mr Heng, who is also in charge of the National Conversation, added he would issue a formal statement on that topic soon.