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Singapore’s Minister for Education, Chan Chun Sing, emphasised the crucial need to identify the rapid transformations that are currently taking place, as Singapore, like the global landscape, has encountered significant challenges in its business environment in recent years.
Minister Chan urges the business community, both in Singapore and globally, to discard assumptions about the permanence of the global trading, financial, and economic systems of the last three decades. The evolving landscape should not be taken for granted, he asserts, advocating for a mindset shift to adapt to future uncertainties.
In the face of challenges akin to their global counterparts, Singapore’s business community has a unique opportunity to set itself apart during these trying times. The city-state remains unwavering in its dedication to preserving its standing as the favoured hub for businesses to commence, expand, and make strides in the global arena.
“This commitment underscores Singapore’s resilience and determination to navigate adversity, providing businesses with a stable and supportive environment as they strive for growth and global prominence,” Minister Chan said.
The nation stands fortified by strong fundamentals—stable governance, a predictable business environment, and a law-abiding society—providing an ideal environment for businesses to aggregate talent, mobilise capital, and protect intellectual property.
According to Minister Chan, in the face of fierce competition, continuous reinvention and the creation of new value propositions are deemed essential for Singapore’s business community to stay ahead. The government pledges not to leave business leaders to navigate this journey alone.
Rather than resorting to conventional methods such as subsidies or picking winners, the government is committed to maintaining a stable, business-friendly environment. Progressive rules accommodating new business ideas and fostering innovation form the bedrock of this support.
Emphasising the need for cutting-edge solutions, the government urges businesses to leverage Artificial Intelligence (AI) not merely to enhance existing processes but to pioneer entirely new value propositions. The focus is on using AI as a tool for innovation, ensuring Singapore’s business community remains at the forefront of technological advancements.
In the field of AI, the government aims not only to enhance current processes but also to facilitate the creation of entirely new value propositions. The focus is on leveraging AI for innovation, ensuring Singapore’s business community remains at the forefront of technological advancements.
Beyond AI, the government is committed to cultivating a globally competitive workforce. This involves significant investment in Singaporeans, coupled with collaborative efforts with trade associations, chambers, business leaders, and academic institutions to expedite the knowledge cycle.
As the global job market undergoes transformations, the government’s commitment extends beyond producing new graduates. Instead, there is a strategic focus on retraining and upskilling the existing workforce at scale and speed. With an average job span of five years, the goal is to retrain and upskill 20% of the workforce annually.
Singapore is undertaking a strategic positioning aimed at fortifying its economic resilience by embracing a three-pronged approach. This approach encompasses fostering a stable business environment, driving innovation through AI, and cultivating a workforce that competes on a global scale.
Minister Chan stressed that the nation’s objective extends beyond merely weathering economic challenges; it aspires to ascend as a frontrunner in the worldwide AI landscape. This ambitious endeavour is set to propel Singapore’s economy into an era characterised by unparalleled innovation and robust growth, marking a transformative chapter in its economic trajectory.
