Committee of Supply 2026 debate, Day 3: Gan Kim Yong on securing Singapore’s next phase of growth
Singapore’s economy did better than expected last year, but it is entering a new phase amid a more complex global environment, said Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong. In parliament on Monday (Mar 2), he warned that a protracted Middle East conflict could drive up energy prices and costs for businesses and consumers, and said Singapore will reassess its GDP forecast if necessary. Mr Gan outlined five key thrusts in Singapore’s growth strategy. They include establishing and deepening leadership in key growth sectors while pushing into new areas of growth, and sustaining a dynamic and vibrant enterprise ecosystem. Singapore also aims to establish itself as an AI leader with an AI-empowered economy. Its plans include a new "Champions of AI" programme to provide tailored support for companies to transform their businesses through AI; AI Missions to drive the development, testing, deployment and scaling of AI in priority sectors; and a "Kampong AI" park to be built at one-north to foster innovation and accelerate collaboration.
Singapore’s economy did better than expected last year, but it is entering a new phase amid a more complex global environment, said Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong. In parliament on Monday (Mar 2), he warned that a protracted Middle East conflict could drive up energy prices and costs for businesses and consumers, and said Singapore will reassess its GDP forecast if necessary. Mr Gan outlined five key thrusts in Singapore’s growth strategy. They include establishing and deepening leadership in key growth sectors while pushing into new areas of growth, and sustaining a dynamic and vibrant enterprise ecosystem. Singapore also aims to establish itself as an AI leader with an AI-empowered economy. Its plans include a new "Champions of AI" programme to provide tailored support for companies to transform their businesses through AI; AI Missions to drive the development, testing, deployment and scaling of AI in priority sectors; and a "Kampong AI" park to be built at one-north to foster innovation and accelerate collaboration.
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