"What the ONE Pass does is that it complements our local talent and our local talent development efforts by bringing in talent that we are short of. These could include AI scientists, a very skilled person in academia or within the tech domain, or even someone who has made a name for themselves in arts and entertainment."
She said that over the decades, the presence of global talent in Singapore has helped to create a beneficial "ecosystem," strengthening the local talent pool as well.
Yet Singapore is not the only place courting international professionals. Several other places have announced similar visa programs lately. Thailand in September unveiled a 10-year long-term resident visa for skilled professionals and remote workers. It is drawing applicants from the U.S., China and other countries.
Hong Kong in October unveiled a two-year visa program for people earning more than 2.5 million Hong Kong dollars ($320,000) a year and for those graduating from the world's top universities.
"It's been interesting to see the proliferation of global talent schemes. It has validated our decision to come up with our global talent strategy," Poh said. She stressed that Singapore's working and living environment, from children's education to safety, is an advantage in the regional talent hunt.
On a related subject, Poh said Singapore received robust investment from diverse sources in 2022, partly thanks to businesses' supply chain diversification. She was not able to give specific figures ahead of the EDB's official announcement in early 2023.
"We have seen increasing interest from Northeast Asia, including China, Japan, South Korea and Taiwan. [One of the reasons is that] companies are working to build resilient supply chains. The COVID-19 pandemic has made resilience top of mind for many companies and CEOs."
She said that Singapore "sits within a growing South and Southeast Asia region" and is "regarded as a safe haven ... one that has strong innovation capabilities."
This year, however, will present higher hurdles for Singapore to draw foreign investment, she suggested, as a global economic downturn is anticipated. Singapore projects its gross domestic product growth to slow to 0.5% to 2.5% from a preliminary 3.8% expansion in 2022. "It will be more challenging. If there is a significant economic downturn in the global economy, it will be challenging for all countries," Poh said.
She said digital and green industries are Singapore's key focus areas, referring to sectors such as fintech, smart cities, green finance and sustainable aviation fuel.
Digital companies face an adjustment after a pandemic-induced boom, with many global and regional giants cutting their staff and losing market value. Nevertheless, Poh stressed that the technology sector remains strong.
"Even though the tech sector globally is facing some headwinds, possibly from excessive valuations and an exuberance in the last five years, [it] remains strong and fairly resilient," she said. "While this correction has had an immediate impact on workers and valuations, it will probably put the sector on a stronger path to profitability, financial stability and strength going forward."
