Singapore – committee

We are asking the government to: As protectionism and technology reshape the global economy, take calculated risks and try new ideas to protect growth and jobs.

The five ESR committees are:

submitted an interim update of their work containing seven recommendations.

These include proposals on maintaining economic growth at an average cap of 2-3% over the next decade, creating good jobs for Singaporeans and preparing Singaporeans to take advantage of artificial intelligence (AI).

The proposal was announced at a media briefing on 29 January chaired by Deputy Prime Minister Gan Kim Yong, Acting Minister of Transport and Senior Minister of Finance Jeffrey Siow, and Acting Minister of Culture, Communities and Youth and Senior Minister of Education David Neo.

Ministers noted that the global economy is undergoing fundamental changes, and Singapore’s rules for open trade and investment are changing. It is giving way to a world shaped by great power rivalries, security concerns, and national interests.

Meanwhile, rapid technological advances and climate change are destroying businesses and jobs. Furthermore, Singapore’s population is aging,

This means the republic will have to deal with slower growth in its labor force.

In a separate media interview, Democratic Prime Minister Gan said the situation Singapore is currently facing is very different from previous crises, such as the Asian financial crisis of the 1990s, the global financial crisis of 2008 and the COVID-19 pandemic.

“Today’s crisis is very different from previous ones. The world we emerge from it will be different. We will never go back to where we were,” said DPM Gan, who is also Minister of Trade and Industry.

“So some of the recommendations and measures that we need to think about have to be completely different than what we were doing before.”

He said the ESR proposals are medium to long-term in nature and will help the government plan an economic strategy that will enable Singapore to embrace change while remaining globally competitive and relevant. At the same time, it aims to ensure that economic development is inclusive and continues to create good jobs.

Below are seven recommendations developed by the ESR Committee in consultation with businesses and workers across more than 60 initiatives, events and company visits. The proposal is expected to be finalized by mid 2026.

The Government will respond to some of these recommendations during and during its 2026 budget deliberations.

Singapore is already a global hub for key manufacturing sectors such as semiconductors, healthcare, specialty chemicals and aerospace.

However, rapid advances in technology mean that future manufacturing will become more technology-dependent, flexible and sustainable.

To stay ahead, Singapore will need to invest more in emissions-reducing technologies as well as AI and automation to transform its manufacturing industry into a best-in-class sustainable operation. We must also direct national research and development resources to ensure global leadership in high-value industries.

Singapore can also leverage its trusted reputation as an open and connected global hub to provide new risk management technologies for modern services such as cybersecurity. AI Guarantee. Testing, inspection and certification.

Lim Hock Heng is a former vice president of British pharmaceutical company GSK. of ESR’s Global Competitiveness Committee said that with the challenges associated with changes in global supply chains there are opportunities.

“Singapore can be more than just a regional hub. We have the opportunity to become a global benchmark for advanced manufacturing and modern services, and the place where the future of our industry is shaped,” he said. rim.

Emerging technologies in areas such as quantum computing, decarbonization, and space can lead to breakthroughs across the economy. To enable these technologies, Singapore needs to not only attract multinational companies, but also foster a new generation of companies and startups that dream big and take risks.

Singapore needs to find new ways to identify, attract and support these emerging champions who use the Republic as their home by helping high-potential, fast-growing startups access capital and top talent, and enable them to scale globally.

Singapore needs to stay ahead of the curve to capture the transformative power of AI.

While the Republic embarked on its journey;

Launched over the past few years, the service can do more to position itself as the place of choice for businesses and talent to collaborate to develop, test, deploy, and scale innovative and impactful AI solutions.

Singapore also needs to drive the adoption of AI across the economy to increase overall productivity.

This is what the republic should do

And encourage them to take greater risks. Ultimately, these companies will keep Singapore relevant to the global economy and bring back more revenue and higher-value jobs to Singaporeans at home and abroad.

Marcus Tan, co-founder of Carousel, a leading online advertising marketplace based in Singapore, said: “My journey with Carousel so far has proven that, backed by Singapore’s strategic ecosystem support, Singaporean companies can build resilient, high-value business models that can compete on the global stage.”

“I look forward to helping shape the blueprint that empowers the next generation of founders to punch above their weight and become world champions.”

To ensure that growth is inclusive and leads to shared progress for all, Singapore needs to widen the range of good jobs that meet people’s aspirations and make the most of their skills.

Singapore’s AI ambitions will create new technical jobs such as AI research and engineering, as well as non-technical roles such as project management. However, these roles may be focused on specific areas.

Singapore should therefore strive to increase employment and transform in sectors that are likely to be more resilient to global change. These range from skilled occupations such as engineers to jobs in caregiving and social services.

Singapore’s economic transformation will create new roles and reshape existing roles. Workers here will therefore need to be more agile in learning new skills, more proactive in their career planning, and entrepreneurial in order to seize new opportunities.

This requires making Singapore’s skills and training model more flexible and blending efforts to develop industry-relevant skills through training and careers. The Republic should also develop a national AI workforce strategy to build AI literacy and fluency across the entire workforce.

The government should overhaul its institutional structure to provide stronger end-to-end support for Singaporeans in linking skills to jobs.

Just as workers need to adapt and improve their skills, businesses need to continually innovate and reposition themselves to remain competitive.

Singapore needs to enable companies to make transition plans, such as rationalizing parts of their operations or relocating them offshore, to seize new opportunities.