Singapore needs to be dynamic, inclusive to survive pandemic: Heng

The country needs to stay connected globally whilst caring for its workers.

Singapore needs to have a “dynamic and growing economy” with jobs in line for Singaporeans if it wants to rise from the pandemic stronger than before, Deputy Prime Minister Heng Swee Keat proclaimed in a ministerial speech.

He recognised the adverse effects of the pandemic towards the country - particularly on the hardest hit sectors such as aviation and tourism - and outlined plans for recovery.

Acknowledging that the post-pandemic global economy will be different and that globalisation will have to take a backseat as some countries will turn inward, he enumerated three priority areas for economic strategy: remaking the Lion City as “a global-Asia node” of technology, innovation and enterprise, redouble measures for inclusive growth, and banking on economic resilience for competitive advantage.

“Asia, in particular Southeast Asia, will continue to grow as one of the key global engines. We must deepen and broaden links to build up Singapore’s role at the heart of Asia’s growth, while forging connectivity with other key markets,” he explained.

The government is also set on reviving the country’s air hub with the Multi-Ministry Taskforce examining the situation carefully as part of the broader reopening plans, he added.

Singapore’s maritime trade has remained resilient, Heng said, despite the 13.5% cut in global trade YoY during H1. He proclaimed that the government is on track to upgrading transhipment capabilities, signing trade facilitation agreements and marking key shipping routes through Singapore, with the first few berths of the Tuas Port expected to be operational by 2021.

The country also plans to bolster its value proposition through greater regional cooperation and strengthening its own trade and logistics ecosystem. In addition, the country will also accelerate its digital capabilities through local partnerships such as the Alliance on Supply Chain Distribution and digital economy agreements with Australia, China and New Zealand.

“These moves to enhance Singapore’s digital connectivity will open up new markets and opportunities for our businesses,” he said.

Come December, Singapore will be floating a new five-year Research, Innovation and Enterprise (RIE) plan which will build on earlier investments and boost research “to support areas of national priority” such as early childhood development, lifelong learning and the well-being of senior citizens. The minister also unveiled plans to position Singapore as the global IP centre in Asia and advancing the Open Innovation Network.

Heng reiterated the importance of relevant skills and holistic support in order to uplift vulnerable workers. The government has allocated $3b for the SGUnited Jobs and Skills package for worker employment and training, on top of the almost $5b allotted for longer-term solutions to boost the upskilling of workers over the next three years.

He also encouraged firms to take advantage of schemes such as leadership development programmes and the Human Capital Partnership (HCP) Programme.

The government will also continue to update its foreign worker policies such as the Employment Pass and S Pass rules in order to bring in global talent that will complement the domestic workforce, he stated.