Debate on President’s speech: Gan Kim Yong on the future of Singapore’s economic journey

Singapore launched an Economic Strategy Review in August to ensure it remains competitive and stays ahead of global shifts. In parliament on Monday (Sep 22), Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong outlined the broad approach. He said Singapore will work to strengthen its position in existing growth sectors such as advanced manufacturing and reinforce its status as a services hub for the region. It will also seek to establish a strong foothold in new areas of growth such as precision medicine. The Government will make Singapore “a home for leading firms”, reinforcing the presence of industry leaders both global and local, as well as anchoring start-ups with potential to be future leaders. Singapore will also strengthen its fundamentals - its capacity to not just innovate but quickly adopt new technologies, ensure upskilling and reskilling of its workforce keeps pace, and maintaining careful long-term planning, especially for the energy transition to a sustainable future. Mr Gan said Singapore expects its economy to grow at two to three per cent a year over the next decade on average, but if it executes its strategy well, this could rise to three to four per cent growth and “in very good years, maybe more”. He also spoke of the need to strengthen Singapore’s regional and global trade connectivity by deepening economic cooperation with other countries.