February 21, 2024

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Singapore’s Resilience in a Evolving Global Landscape

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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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