The digital age has thrown up a resource that allows Singapore to overcome its limited resources, and that is data, said Minister in the Prime Minister's Office Chan Chun Sing.
Speaking at a media conference on the launch of the Committee on the Future Economy (CFE) report yesterday, Mr Chan said that with new technology, connectivity is no longer restricted to air, land and sea. "Now, we are able to use digital connectivity or digital capabilities to transcend our geography."
Businesses, big and small, can reach out and expand to far-flung places of the world, he added.
This heightened ability brings tremendous opportunities, said Mr Chan, who co-chaired the CFE subcommittee that examined the future of connectivity.
Besides data, Mr Chan also highlighted the trust in Brand Singapore as another factor that the country can leverage to position itself for the future.
While Singapore's rivals may come up with similar plans, Mr Chan said Singapore has "every opportunity to succeed" if it plays to its strengths.
Besides being trusted as a reliable partner, Singapore's other strengths are its ability to execute plans well, and bring together the Government, businesses, trade associations and labour unions to carry out initiatives, he said.
"This is something that will not change because this is something that has put us in good stead over the years, and we should not go slow," he added.
He also said local businesses, workers and the labour movement have to build up their capabilities to be competitive on the international stage.
"We need to continuously adapt... so that we build new capabilities," he added.