Committee of Supply 2024 debate, Day 3: Gan Kim Yong on driving Singapore’s long-term economic growth
Even as Singapore tackles near-term economic challenges, it must invest in its longer-term future and economic growth. It aims to achieve this by leveraging its trade networks, spearheading the adoption of new technologies and developing local talent. Trade and Industry Minister Gan Kim Yong said this in Parliament on Friday (Mar 1). Among the plans he announced - driving the adoption of artificial intelligence (AI) in companies and sectors. Mr Gan said his ministry will partner 100 companies to build internal AI capabilities, develop and adopt AI solutions. It hopes that each company will become a Centre of Excellence (CoE) for AI. Sectoral AI CoEs will also be set up. A scheme that encourages partnerships between larger and smaller enterprises will be expanded. One hundred new PACT partnerships are expected in the next five years, to cover areas such as capability training, internationalisation and corporate venturing. This will give local SMEs more opportunities to level up their capabilities and plug into global and regional value chains. A new Global Business Leaders Programme will also be launched. It will support key companies in sending Singaporean middle to senior managers with leadership potential for overseas postings and other developmental opportunities. This will nurture a pipeline of local corporate leaders and help firms to regionalise, said Mr Gan.
Even as Singapore tackles near-term economic challenges, it must invest in its longer-term future and economic growth. It aims to achieve this by leveraging its trade networks, spearheading the adoption of new technologies and developing local talent. Trade and Industry Minister Gan Kim Yong said this in Parliament on Friday (Mar 1). Among the plans he announced - driving the adoption of artificial intelligence (AI) in companies and sectors. Mr Gan said his ministry will partner 100 companies to build internal AI capabilities, develop and adopt AI solutions. It hopes that each company will become a Centre of Excellence (CoE) for AI. Sectoral AI CoEs will also be set up. A scheme that encourages partnerships between larger and smaller enterprises will be expanded. One hundred new PACT partnerships are expected in the next five years, to cover areas such as capability training, internationalisation and corporate venturing. This will give local SMEs more opportunities to level up their capabilities and plug into global and regional value chains. A new Global Business Leaders Programme will also be launched. It will support key companies in sending Singaporean middle to senior managers with leadership potential for overseas postings and other developmental opportunities. This will nurture a pipeline of local corporate leaders and help firms to regionalise, said Mr Gan.
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