Debate on President’s Address: Heng Swee Keat on economic growth for better lives for Singaporeans and to 'weather storms'

Economic growth is critical in building a better Singapore and giving Singaporeans a better life, said Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. Speaking in Parliament on Friday (Apr 21), he said to continue the growth trajectory, Singapore must press on with efforts to transform its economy, with the Government, businesses and workers working closely together. "Growth allows our people to access good jobs, fulfil their aspirations and raise their families. It generates the resources for our nation to fund needs and priorities, such as supporting families, caring for our seniors and uplifting those with disadvantages,” he said. “Thinking longer term, growth coupled with prudence has enabled us to build a buffer to weather many storms,” he added. Singapore needs to deepen investments in research and development so that it can stand out amid stiffer global competition for talent and resources. It also needs to focus on technology and innovation to drive structural changes in the economy, he said. Plans like the Industry Transformation Maps will get a refresh, to include resilience and sustainability, as well as a sharper focus on the future of jobs and skills to better deploy technology and prepare for an ageing workforce, he said. Growing a vibrant and innovative economy is one of three things Mr Heng highlighted that Singapore must “get right”. It must also develop Singaporeans to their fullest potential and empower them to thrive and succeed. “We must take care of the most vulnerable segments of our society while ensuring that our broad middle continues to see improvements in their lives,” he said. Most importantly, Singapore must continue to build on the foundation of its national pledge - “regardless of race, language or religion” - and stay united while deepening connections with people around the world, he added. “This way, Singapore and Singaporeans will stay relevant and useful to the world and stay united and successful,” he said.