SINGAPORE - The business community has its part to play in the recently launched Forward Singapore exercise to shape and strengthen Singapore's social compact for its next phase, Deputy Prime Minister Lawrence Wong said on Thursday (Aug 11).
Speaking at the official opening of super app Grab's new headquarters and the celebration of its 10th anniversary, DPM Wong said the Government and employers share a common objective of wanting to prepare citizens and workers for future challenges.
"We both want to maximise the potential and the opportunities available to them and ultimately, to ensure that even as the nation grows and prospers, as the company grows and prospers, everyone can benefit," he said.
"In short, we must pursue inclusive growth, where every citizen and every worker matters."
On its part, the Government will create the conditions for businesses to thrive and prosper, said Mr Wong.
In the tech sector, for instance, the Government will continue to partner industry players like Grab to develop Singapore's tech ecosystem by growing talent, deepening skills and supporting innovation, while creating opportunities for every citizen to participate fully in the digital economy.
"At the same time, we hope that businesses and employers will also fulfil their responsibilities as part of this social compact: to invest in your workers, to ensure fair employment practices at the workplace, and to improve the quality of jobs so that workers can continue to progress in their careers and secure better pay and better prospects over their lifetimes," he said.
There are new opportunities in the midst of the uncertainties and challenges facing the city state, he added.
Some of these uncertainties include the ongoing Ukraine crisis and supply chain disruptions that lead to higher inflation and increasing costs for firms and households, as well as heightened geopolitical tensions.
"What is crucial and what is critical is therefore how we respond to the challenges around us, how we must stay united in purpose and continue to work together to chase after new possibilities and always look out for one another," he said.
Referring to the Forward Singapore exercise that he launched on June 28 to engage citizens in strengthening the social compact, Mr Wong said: "This is not just a government exercise, but an exercise involving everyone in Singapore."
Mr Wong noted that Grab is contributing in these areas, such as reaching out to local small and medium-sized enterprises (SMEs) through its new merchant centre, while deepening research and development and nurturing local talent. It is also part of JTC's LaunchPad Investor Network to help start-ups grow and expand.
Despite the challenges ahead, Mr Wong said there is no need to feel intimidated or overwhelmed.
"As Singapore and Grab have done over the years, we can continue to turn our challenges into new opportunities for growth," he said.
"No one wants to go through crises in life. We all wish for peace and stability in our lifetime. But as Singapore's own story has shown, challenges, crises and vulnerabilities can provide impetus for growth, development and transformation."
One bright spot is that South-east Asia's growth potential remains very strong, especially for the tech sector, with a huge, untapped and fast-growing digital consumer market, he noted.
"There are challenges ahead but there are also many opportunities for us to work together and I'm confident we can make the most of these opportunities if we continue this strong partnership," Mr Wong said.
