Budget 2024 debate: Heng Swee Keat on growing a vibrant and innovative economy
Overcoming challenges and finding new opportunities have been Singapore’s DNA since independence, said Deputy Prime Minister Heng Swee Keat. To continue to grow the economy sustainably, Singapore needs structural policies on three prongs, he said in Parliament on Tuesday (Feb 27). Firstly, while the economic transformation movement has achieved steady momentum, it must be sustained with shared ownership and leadership in the coming years. Secondly, Singapore must shape and strengthen its innovation ecosystem to enable high value and cutting-edge work to be done here. Thirdly, Singapore must lean in to foster greater connection and collaboration, as well as strengthen its standing as a global and Asian node for technology, innovation and enterprise. “Singapore's next bound of growth must be powered by an economy that is technology-intensive, innovation-driven and sustainability-focused and provide good jobs for our workers,” said Mr Heng. To achieve this, Singapore must capture new opportunities and be at the forefront of understanding, discovering and translating science and technology to advance existing economic sectors. Mr Heng highlighted the need for a value chain research, innovation and enterprise ecosystem to gain advantage in key economic sectors to strengthen Singapore's position, uplift local companies, as well as create good jobs and opportunities for Singaporeans. The Government must work closely with stakeholders, researchers and Institutes of Higher Learning to achieve this. Mr Heng said by developing a stronger innovation ecosystem, Singapore can create a conducive environment for leading local and global companies to deepen their presence here and attract global funders and start-ups to be part of its ecosystem. In so doing, it sustains a virtuous cycle of creating more opportunities for Singaporeans. Mr Heng pointed out that the world may be more difficult and Singapore’s domestic constraints may be more challenging, but he has laid out the strong base for optimism that a small and open economy like Singapore can continue to thrive and secure its next bound of growth. It can serve as a trusted node and connector, create value by facilitating connections and building new linkages in today's fractured global landscape, as well as offer a strong innovation ecosystem with leading capabilities, talent and companies making Singapore an ideal base to grow and build new ventures, he said. “This is how we can continue to keep our economy innovative and vibrant, and build a better Singapore with opportunities for all.”
Overcoming challenges and finding new opportunities have been Singapore’s DNA since independence, said Deputy Prime Minister Heng Swee Keat. To continue to grow the economy sustainably, Singapore needs structural policies on three prongs, he said in Parliament on Tuesday (Feb 27). Firstly, while the economic transformation movement has achieved steady momentum, it must be sustained with shared ownership and leadership in the coming years. Secondly, Singapore must shape and strengthen its innovation ecosystem to enable high value and cutting-edge work to be done here. Thirdly, Singapore must lean in to foster greater connection and collaboration, as well as strengthen its standing as a global and Asian node for technology, innovation and enterprise. “Singapore's next bound of growth must be powered by an economy that is technology-intensive, innovation-driven and sustainability-focused and provide good jobs for our workers,” said Mr Heng. To achieve this, Singapore must capture new opportunities and be at the forefront of understanding, discovering and translating science and technology to advance existing economic sectors. Mr Heng highlighted the need for a value chain research, innovation and enterprise ecosystem to gain advantage in key economic sectors to strengthen Singapore's position, uplift local companies, as well as create good jobs and opportunities for Singaporeans. The Government must work closely with stakeholders, researchers and Institutes of Higher Learning to achieve this. Mr Heng said by developing a stronger innovation ecosystem, Singapore can create a conducive environment for leading local and global companies to deepen their presence here and attract global funders and start-ups to be part of its ecosystem. In so doing, it sustains a virtuous cycle of creating more opportunities for Singaporeans. Mr Heng pointed out that the world may be more difficult and Singapore’s domestic constraints may be more challenging, but he has laid out the strong base for optimism that a small and open economy like Singapore can continue to thrive and secure its next bound of growth. It can serve as a trusted node and connector, create value by facilitating connections and building new linkages in today's fractured global landscape, as well as offer a strong innovation ecosystem with leading capabilities, talent and companies making Singapore an ideal base to grow and build new ventures, he said. “This is how we can continue to keep our economy innovative and vibrant, and build a better Singapore with opportunities for all.”
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