While immediate focus is on jobs, Govt will continue investing in Singaporeans’ futures: Chan Chun Sing

SINGAPORE — Covid-19 has impacted lives and livelihoods, and aggravated already difficult global challenges, but while other countries have had to “tighten their belts”, Singapore will continue investing in its people’s future.

This was Trade and Industry Minister Chan Chun Sing's message on Sunday (June 14) in a televised ministerial broadcast, when he laid out the Government’s plans to prepare for the future even as it tackles immediate challenges brought about by the pandemic.

He noted that many Singaporeans have lost their jobs and more job losses are expected in the coming months. Others have seen their income fall while some businesses have closed.

“We cannot save every job and every business, but we will take care of every Singaporean,” he said, adding that the immediate focus will be on jobs.

The Government will create 100,000 jobs and training opportunities in the coming year — three times the usual annual number.

“This is how many we need, to help those coming out of schools, as well as those retrenched,” he said. “We will also increase the capacity of training institutions to equip more workers, especially mid-career ones, with new skills required for the new economy.”

While there is a thinking that the best way to save jobs is to resume the economy quickly, Mr Chan urged caution.

“Opening up hastily and closing businesses again if infections spike once more will be more disruptive to businesses and workers.”

Mr Chan’s speech is the fourth of six broadcasts by Cabinet ministers. Prime Minister Lee Hsien Loong was the first to speak on June 7. Senior Minister Tharman Shanmugaratnam, who is Coordinating Minister for Social Policies, is due to speak on Wednesday.

INTANGIBLE STRENGTHS

Mr Chan said that the country must tackle immediate challenges and prepare for the future at the same time.

And this is done by developing its “intangible strengths”, which have led investors to choose to anchor their businesses here. “We are open and connected with the world, we are trusted, we are united and stable as a society, and we have a skilled workforce,” he said.

For many countries, the pandemic has accelerated their retreat from globalisation, but Singapore must “resist these pressures”, he said.

It can still “make a living and more” by building capabilities to play critical roles in global supply chains to produce high-quality products and services that others value, he added.

For instance, Singapore produces four of the world’s top 10 drugs and is the seventh largest exporter of chemicals.

Another intangible strength is that the country is trusted globally, Mr Chan said.

Singapore did not impose export restrictions or nationalise foreign investments, and it had also kept production lines open for global supply chains, including critical materials for surgical masks.

“In uncertain times, our trusted brand counts for even more.

"Businesses have noticed. When they make their next investments to diversify their global production bases, we will be in the running.”

Singapore will also work to stay connected with the world, "even as the world threatens to fragment and regress towards protectionism”, Mr Chan said. “Despite our size, we can show the way, if we have good ideas.”

For example, Singapore’s partnerships with countries such as Brunei, Chile and New Zealand had grown to become the Comprehensive and Progressive Agreement for Trans-Pacific Partnership among 11 subscriber countries.

It will also look forward to signing the Regional Comprehensive Economic Partnership agreement this year, which will lower the cost of imports for consumers and exports for producers here. It will comprise all 10 countries of the Association of Southeast Asian Nations (Asean) as well as Australia, China, Japan, New Zealand and South Korea.

“These agreements and other free-trade agreements open up new opportunities for our businesses, and will make us a more attractive base for investments to serve in the region,” Mr Chan said.

INFRASTRUCTURE

Singapore will also be investing in the next generation of infrastructure.

“While others have to tighten their belts, our past prudence gives us the means to continue investing in our future,” Mr Chan said.

Long-term plans include projects such as Changi Terminal 5, Tuas Mega Port and submarine cable hubs, as well as regional developments including the Punggol Digital District, Jurong Lake District, Sungei Kadut Eco-district and the Greater Southern Waterfront.

“We will place timelines for these projects according to demand,” Mr Chan said. “But do not doubt this: We will get them all done.”

Efforts to attract the best ideas and talent to “compete on our side” will also intensify. There are initiatives to connect Singapore with talent hubs across the world, making the country a “more attractive safe harbour for talent, ideas and intellectual property to grow more businesses and create better jobs”.

Addressing Singaporean’s concerns about foreign competition, Mr Chan said that closing up is not the answer.

“We cannot escape competing with the world and proving our mettle,” he said. “We will give our workers the training and support to excel, and we will ensure that the competition is fair.”

BUSINESSES AND PEOPLE

The Government will ensure that every Singaporean shares the benefits of growth, Mr Chan said, highlighting two efforts in digitalisation and internationalisation.

With Covid-19 having pushed businesses and consumers to embrace the digital world, there is an increased emphasis for all Singaporeans to go digital. Companies will be taking up digital tools to create new business models and “transcend our local market constraints”, he added.

The Government is helping by building a thousand-strong Digital Ambassador Corps to help small and micro enterprises apply digitalisation and help seniors learn how to use technology.

Businesses also have to access new markets by establishing partnerships “in the real world”, Mr Chan said. Many firms have done this by growing a regional and global presence, often through partnerships.

The Government will step up efforts to further a new generation of regional and global businesses by facilitating more industry partnerships.

Mr Chan said that business leaders and workers here will be key to these efforts, and they must possess the “entrepreneurial spiral to venture abroad and compete, and seize opportunities of a fast-growing Asia”.

“We cannot be content with doing well just within Singapore… We will intensify the overseas exposure of our people, through initiatives like the Global Ready Talent Programme, so that they gain fresh perspectives and networks.”

For example, the Government will press on with the Ministry of Education’s target to enable 70 per cent of students from institutes of higher learning to have overseas exposure, and 70 per cent to focus on China, India and Asean, once the Covid-19 situation allows.

Mr Chan said: “Our promise is this: We will create opportunities for all Singaporeans, no matter how old you are, to improve lives at every stage of your careers. So long as you are able and willing, we will support you.”

He added that even though the outlook for the coming years is uncertain, investors maintain their confidence in Singapore to "base their new and exciting projects here”. For example, South Korean-based Hyundai will be setting up a Mobility Global Innovation Centre in Jurong.

Mr Chan said he was happy to see that Singapore companies such as Prima, Hai Sia Seafood and Markono Print Media are transforming their businesses and upskilling their workers in the process.

“As you can see, there are still many opportunities for us, but we must be on our toes. Survival favours not the strong, but the agile.”