\n<\/p>\n
Dr Tan said geopolitical tensions and economic fragmentation are reshaping trade and investment, while technology is transforming businesses and jobs.<\/span><\/p>\n Singapore has built a valuable foundation but must evolve as the world changes, he said.<\/span><\/p>\n To this end, Singapore launched the<\/span> Economic Strategy Review,<\/span> which published its final report in June.<\/span><\/p>\n It seeks to strengthen Singapore\u2019s value proposition, enhance\u00a0<\/span>its agility and adaptability, and build resilience along with efficiency.<\/span><\/p>\n \u201cBut getting us there will require us to make difficult choices under all of these uncertainties,\u201d Dr Tan said.<\/span><\/p>\n Singapore must also become better at making choices as decisions become harder and trade-offs become more stark, he said.<\/span><\/p>\n \u201cWhere should we place our bets? When should the government intervene? When should markets be allowed to develop and operate freely?\u201d he asked, adding that Singapore also has to weigh how much to pay for greater resilience and whether to change course when conditions change.<\/span><\/p>\n \u201cAddressing these questions requires analytical discipline, it requires evidence, it requires sound judgment,\u201d he said.<\/span><\/p>\n During the dialogue session, a student asked about the cost-benefit analysis that the government had to do regarding <\/span>plans to merge several western islands<\/span> to make space for a <\/span>new generation of industries.<\/span><\/p>\n He noted that media reports mentioned coral reefs in the area being more than 8,000 years old.<\/span><\/p>\n In response, Dr Tan said Singapore will conduct detailed environmental studies before beginning any work in the area.<\/span><\/p>\n \u201cOur heritage, our reefs, our environment \u2013 it\u2019s not something that we will compromise,\u201d he said.<\/span><\/p>\n At the same time, Singapore needs space for\u00a0<\/span>its airports and marine ports to continue to grow, so there are both aspirations and constraints.<\/span><\/p>\n Making space on the mainland would also have a high cost, as existing buildings may have to be torn down to make way for new ones.<\/span><\/p>\n \u201cYou also have to keep the same, if not more, greenery here,\u201d he said, pointing to recent <\/span>discussions over Maju Forest <\/span>as an example of competing needs in Singapore.<\/span><\/p>\n Specifically for the potential new western island, Dr Tan noted that there has been speculation that it will be used for nuclear power plants.<\/span><\/p>\n He said the government has not made a decision, and noted that technology is constantly advancing.<\/span><\/p>\n \u201cIf I\u2019ve cracked the code on geothermal, I may not even need to build that many of these extra facilities on reclaimed islands,\u201d he said.<\/span><\/p>\nWESTERN ISLAND<\/strong><\/span><\/h2>\n