\n<\/p>\n
SINGAPORE \u2013 Supporting workers earlier after retrenchment, helping them adapt to artificial intelligence and developing new engines of growth were among the strategies outlined by the Economic Strategy Review committees in their final report released on June 24.<\/p>\n
The report caps a year-long review of Singapore\u2019s economic strategy, and concludes that the Republic must move faster to adapt to a fundamentally changed global environment, to sustain growth and rising living standards in the years ahead.<\/p>\n
Eight thrusts spanning jobs, skills, AI adoption, business growth and economic resilience had been outlined in May<\/span><\/a>.<\/p>\n The committees, set up in August 2025 to refresh Singapore\u2019s economic strategies for the next phase of growth, said they made their recommendations after more than 80 consultation sessions.<\/p>\n The Government will study the recommendations and work with industry partners to put them into action, said the Ministry of Digital Development and Information in a statement.<\/p>\n The report said that Singapore has to go beyond just maintaining its position as a global hub. It also has to take bets in new and emerging areas.<\/p>\n \u201cNot every investment will succeed, but we must persist \u2013 because the cost of inaction and missed opportunities will be far greater over time,\u201d the report said.<\/p>\n To do this, the report suggested that Singapore has to attract companies from leading industries so they are anchored here.<\/p>\n The Republic is already a key node in the semiconductor industry, and this success model can be replicated in other sectors.<\/p>\n Singapore should also invest in emerging technologies to create new growth engines.<\/p>\n Promising areas include quantum technologies \u2013 building on Singapore\u2019s existing strengths in semiconductors and advanced manufacturing \u2013 as well as space technologies, which leverage its capabilities in aerospace and satellite systems, the report noted.<\/p>\n Singapore can also expand into high-value trust-based services, meeting the growing demand for services like cybersecurity, AI governance, audits and assurance, compliance and risk management.<\/p>\n With AI set to reshape economies the way electricity and the internet did, Singapore \u201cneed not compete to build the biggest frontier AI model or host the largest AI data centres\u201d, the report said.<\/p>\n \u201cInstead, we should position Singapore as a trusted hub where AI solutions are developed, tested, and deployed to tackle real-world problems at scale.\u201d<\/p>\n The Government has already set up a National AI Council to launch national AI missions<\/span><\/a> across key areas. In addition to this, the report recommended that Singapore work to attract leading AI companies and talent to develop solutions and scale these solutions from the Republic.<\/p>\n It also suggested developing leading companies as AI champions. These companies can undertake full-scale AI transformation before serving as role models for others in the industry.<\/p>\n To enable faster economy-wide AI adoption beyond large companies, trade associations and chambers can help coordinate demand and data among smaller companies \u2013 many of whom struggle to access support schemes \u2013 so shared solutions can be developed.<\/p>\n Singapore is already a leading maritime and aviation hub, and a trusted financial centre. \u201cBut in a more fragmented world, connectivity alone is not enough. Global supply chains are being reconfigured,\u201d the report noted.<\/p>\n It recommended that Singapore develop sea and air hubs that integrate physical infrastructure with digital, AI-enabled systems.<\/p>\n \u201cThe goal is to offer the fastest, most reliable and best-coordinated end-to-end flow of goods in the region, making Singapore the preferred choice for shippers and manufacturers.\u201d<\/p>\n When it comes to energy, Singapore should also extend its role as an energy hub, the report said.<\/p>\n \u201cThe recent Middle East crisis underscores the importance of Singapore as a reliable and well-connected energy hub,\u201d it added, referring to the oil flows that were disrupted when the crisis effectively blocked the Strait of Hormuz, a vital global shipping channel.<\/p>\n The report added that Singapore must build capabilities in emerging energy domains, such as liquefied natural gas trading, hydrogen and ammonia, and sustainable aviation fuels.<\/p>\n Jurong Island can also be developed as a premier test bed for low-carbon technologies.<\/p>\n But beyond reinforcing Singapore\u2019s leadership position and attracting global companies, firms here, especially start-ups, also need help to grow into next-generation leaders, the report said.<\/p>\n It said the Republic should promote the development of different forms of private capital, such as venture debt and private credit, to help start-ups grow.<\/p>\n New investment and partnership tools can also help home-grown companies to scale so they become the industry leaders of the future.<\/p>\n Those wanting to expand overseas should also be supported, giving Singapore workers the chance to gain experience abroad too.<\/p>\n \u201cWe should set an ambitious target to significantly increase the number of Singapore-headquartered companies with more than $1 billion in revenue,\u201d the report said.<\/p>\n The report also laid out strategies to help workers in an increasingly complex, digitalised and AI-enabled world.<\/p>\n \u201cWe should prioritise AI technologies that augment workers,\u201d it said, referring to investing in AI in roles where human capabilities such as judgment, interaction and trust remain central.<\/p>\n AI can also unlock career opportunities that did not previously exist.<\/p>\n But sectors that are resilient to AI disruption should also see better wages and increased quality so that they are attractive to workers.<\/p>\n These include jobs in early childhood education, allied health and social services, which will remain important sources of employment, the report said.<\/p>\n Singapore can also work at creating \u201cbridges\u201d or pathways for workers in at-risk jobs to jobs in more resilient occupations, to help workers to transition to new roles if they are displaced.<\/p>\n There could also be earlier intervention in retrenchment support, the report said.<\/p>\n \u201cTransition support cannot begin only after a worker loses his or her job. Earlier intervention significantly improves the chances of redeployment.\u201d<\/p>\n Companies are currently required to submit a mandatory retrenchment notification to the Government within five working days after notifying affected workers.<\/p>\n But the report said the Government, employers and workers\u2019 unions should cooperate to encourage advance notifications and shorten these notification timelines.<\/p>\n \u201cIdeally, support should begin before workers leave their jobs,\u201d it said. \u201cThis will give affected workers more time, more options, and greater confidence to navigate transitions successfully.\u201d<\/p>\n When it comes to continuous learning, the courses that workers take should also be integrated with their job needs, the report added.<\/p>\n Lastly, the report said that building energy resilience is vital and Singapore has to prepare for a low-carbon future.<\/p>\n \u201cWe will focus on areas where we can lead, invest in new engines of growth, and position Singapore as a trusted hub for value creation,\u201d it said.<\/p>\n \u201cWe will also build a more dynamic enterprise ecosystem, create more good jobs, strengthen support for workers through transitions, and enable continual skills upgrading.\u201d<\/p>\n It added that Singapore also has to reinforce its resilience in energy, supply chains and partnerships, so it can ride out disruptions.<\/p>\n<\/div>\n SINGAPORE \u2013 Supporting workers earlier after retrenchment, helping them adapt to artificial intelligence and developing new engines of growth were among the strategies outlined by…<\/p>\n","protected":false},"author":1,"featured_media":63489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-63488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63488"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/63489"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n
\n
Read Full Article At Source <\/a>
\n