SINGAPORE - With the world economy changing, Singapore will have to renew its economy and invest for the long term, said Prime Minister Lee Hsien Loong on Friday.

In a Facebook post about Thursday's Budget announcements, Mr Lee said: The government will work closely with businesses and trade associations to strengthen our workers and firms to be employable and competitive."

He added that the transformation of Singapore's economy will begin in Jurong, where the new Jurong Innovation District (JID) will be.

The district comprises Nanyang Technological University, CleanTech Park and the surrounding region, and was among several government measures announced in this year's Budget to boost innovation.

It will be able host over 100,000 people across student and private residences, learning spaces, and start-up and research facilities. The first phase is expected to be completed in 2022.

Mr Lee said: "The JID is part of an Industry Transformation Plan to strengthen enterprises and industries, and to promote growth through innovation. The world economy is changing. We need to renew our economy and invest for the long term."

He added that the Ministry of Trade and Industry will give more details about the next-generation industrial area in April during the Committee of Supply debates in Parliament, where each ministry's budget and policies are scrutinised.