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One area includes continued support for workforce upskilling and reskilling, to keep up with technological transformation in industries and workplaces.
Singapore has reaffirmed its commitment to strengthening its tripartite partnerships as it plans to further transform its economy.
As emphasised in the recently launched Transforming the Singapore Economy Report — with strong collaboration and trust among unions, employers and the Government, economic transformation has benefitted businesses and workers.
Reflecting Singapore's economic transformation efforts since 2016, the report provided some directions for the future of the economy.
Apart from reinforcing collaboration, Singapore will also continue to strengthen its position as a 'GlobalAsia node for technology, innovation and enterprise'. This will include actively seeking new areas of cooperation to deepen collaboration especially in regional markets, while strengthening its relevance as a global business hub. It will also enlarge its network of trading partners and establish new connections with emerging markets.
Thirdly, Singapore hopes to maintain its reputation as a trusted partner.
Keeping future trends in mind, the report identifies four areas in which Singapore will be doubling down its efforts.
First, the country hopes to strengthen its role as a base for companies to operate in the growing Asia region.
"Singapore is well positioned to contribute to and participate in Asia’s continued economic growth, including that of Southeast Asia, which is one of the fastest growing regions in the world. This includes being a good base for companies to conduct research, innovate, and develop products which serve the broader Asia market."
The financial sector can support international investors seeking to tap on investment opportunities in the region. This will, in turn, catalyse growth for the region by attracting foreign capital.
To support this growth area, Singapore will also aim to pursue new win-win partnerships and build on existing ones, such as the Singapore-Johor Special Economic Zone. It will also continue to broaden and deepen trade linkages with the rest of the world, including in new areas such as digitalisation and sustainability. These efforts will strengthen support for local companies looking to scale up and grow in the region.
Second, Singapore will strengthen the integration between its Research, Innovation and Enterprise (RIE) and economic transformation plans. It will continue to strengthen integration by exploring new synergies and developing new areas of growth arising from structural shifts.
Third, it will continue to support its workforce to upskill and reskill, which will enable workers to thrive in the jobs of the future. Recognising the effects of technological transformation in industries and workplaces, training and upskilling have become even more urgent. This will be done through a collaborative effort between companies, workers, government agencies and trade associations and unions.
Lastly, Singapore will transform to go green, striving to achieve its longer-term goal of net zero carbon emissions by 2050.
Lead image / 123rf.com
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