Singapore to position itself as ‘home to leading firms’, foreign and local

In its new term, the government will position Singapore “as a home to leading firms, a key global business hub, and a vital connector in the global economy”, Minister for Trade and Industry Gan Kim Yong said in his ministry’s Addendum to the President’s Address on Tuesday (16 Sep).

It will also seize opportunities in new growth areas such as the green and digital economy; sustain investments in research and development; and encourage investments in the tourism and lifestyle sectors, said Gan, who is also deputy prime minister.

Meanwhile, Singaporeans will be prepared “to thrive in the new economy”, said Manpower Minister Tan See Leng in his ministry’s Addendum. The various ministries are releasing their plans following the President’s Address at the opening of Parliament on 5 Sep.

First, Singapore aims to host top foreign firms and nurture local ones.
 

To continue attracting global companies, the Ministry of Trade and Industry (MTI) will leverage and improve the Republic’s infrastructure, connectivity, highly skilled workforce, and pro-business environment.

It will help promising local companies become regional or global leaders, and raise the productivity of local enterprises through digital solutions and supporting workforce training.

MTI will also support firms to transition to a low-carbon economy while “safeguarding energy security” with more solar deployment, cross-border electricity trading, and developing capabilities in other low-carbon technologies.

Second, Singapore “must remain a trusted and connected business hub, deeply integrated in global supply chains and trade flows”, said DPM Gan

This means deepening ASEAN integration and its partnerships with other major economies and economic blocs; expanding trade links beyond existing free trade agreements; and partnering others to support the rules-based trading system.

Besides fostering growth, these efforts aim to create good jobs for Singaporeans, he added. “Our strategies will create more opportunities for Singaporeans to thrive and share in the benefits of growth.”

Preparing people

In the Ministry of Manpower’s (MOM) Addendum, Dr Tan said Singapore must “shape a future of work that enables growth, fulfilment, and diverse pathways to success”.

With artificial intelligence (AI) reshaping jobs and workers living longer, “our future workplaces will need to support technology-enabled jobs and multi-stage careers”, he said.

MOM will promote AI literacy and adoption through the ongoing Economic Strategy Review and National AI Strategy.

“We will grow a more vibrant ecosystem of career guidance, training, and employment to support a diverse workforce,” said Dr Tan.

To support multi-stage careers, MOM will encourage flexible work, promote multi-generational workplaces, and enable better work-life balance.

The Central Provident Fund system will be strengthened, with the Basic Retirement Sum raised for future cohorts.
 

Talent policies

Singapore will “refine” its foreign workforce policies “so that businesses can bring in talent that complements our Singaporean core”, said Dr Tan.

This is even as MOM supports local workers to get global exposure for professional development and future leadership.

MOM will also help businesses build talent in three ways: adopting skills-first hiring; creating career development and progression opportunities; and uplifting the human resources profession.

“In an age of AI-driven automation, we will also help enterprises transform with their workers, rather than to do without them,” he said, citing the Enterprise Workforce Transformation Package announced in Budget 2025.

Finally, for “fairer, safer and more inclusive” growth, the Employment Act will be updated to ensure adequate protections for different worker groups; keep up with workplace and technological trends; and streamline compliance for businesses.

While some measures to protect platform workers are already in place, MOM will study how to better support them, as well as self-employed persons and freelancers, in terms of workplace protections, reskilling, and career pathways.

“MOM will keep opportunities open to all,” Dr Tan added, highlighting support schemes for jobseekers, lower-wage workers, and those looking to upskill. “We will also professionalise skilled trades, so that our economy provides multiple pathways to success.”
 

Source: The Business Times © SPH Media Limited. Permission required for reproduction.