Singapore can compete on speed, ingenuity and trust: President Tharman

SINGAPORE – As global competition intensifies and major economies seek to reshore key investments, Singapore must adapt faster and innovate more boldly, said President Tharman Shanmugaratnam.

The Republic must also remain a safe harbour and a reliable base from which companies can navigate global complexities and access Asia’s dynamism.

In doing so, Singapore can continue to have a strong economy, which is vital to generate the resources needed to secure its future and improve its people’s lives, added Mr Tharman on Sept 5.

In his address at the opening of Singapore’s 15th Parliament, Mr Tharman said the city-state’s old playbook is no longer sufficient in a changed world, which is why work has already begun on refreshing its economic strategies.

Much effort will be required to restructure the country’s industries and build deeper capabilities in every sector of the future, such as advanced manufacturing, information technology, finance, clean energy and sustainability, he added.

Beyond capabilities, Singapore must also foster an outgoing and experimental spirit among its enterprises and people, as this is the way to have leading firms and good jobs for Singaporeans, said Mr Tharman.

“We cannot match other countries in size or scale. But we can compete on speed, ingenuity, and trust,” he said.

The Government’s task is to make it practical for every company to harness artificial intelligence (AI), while stepping up the reskilling and upskilling of every segment of the workforce, he added.

“In this way, AI can be used both to raise efficiency and to complement human abilities, so that the gains are shared broadly and we involve all Singaporeans in building new sources of competitiveness,” he said.

“None of this is inevitable – it must be actively fostered.”

Mr Tharman said the trust built through many years of tripartism – the partnership between employers, unions and the Government – gives Singapore an edge in this process, enabling the city-state to move faster in deploying new technologies, while managing disruptions to the workforce and generating new jobs.

Technology will also be crucial in helping Singapore tackle existential threats like climate change.

This includes assisting with the country’s decarbonisation journey, protecting its coastline, and supporting enterprises to develop breakthrough environmental solutions, said Mr Tharman.

Singapore will also press ahead with partnerships to develop a robust carbon credits market and raise investments for sustainable infrastructure in the region. This is to strengthen Singapore’s resilience while contributing to the sustainability of the region and the world, he said.

“Our ambition is clear: to make Singapore a place where ideas can take root, and where entrepreneurs can build, innovate, expand abroad, and become regional and global leaders in their respective fields,” he added.

Equally, the goal is ensuring that this progress uplifts everyone, and for a society where every citizen shares in the nation’s prosperity and has confidence that tomorrow will bring brighter opportunities, said Mr Tharman.

He noted that economic change is disorienting – jobs and skills will keep evolving faster than before, and skills that are in demand may become obsolete tomorrow.

While the Government cannot hold back this tide of change, it will empower workers with the skills to adapt and seize new opportunities, said Mr Tharman.

He cited recent initiatives to strengthen employment assurance in uncertain times, such as the

Jobseeker Support Scheme

for displaced workers, and the SkillsFuture Level-Up Programme to help mid-career workers upgrade and switch fields.

These efforts reflect the Government’s conviction that Singaporeans should never face uncertainty on their own, said President Tharman.

“These schemes are not the final word,” he said. “We will continue to enhance and improve them, to keep them effective in meeting the needs of Singaporeans at different stages of their careers.”