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This is the central thrust of the Economic Strategy Review (ESR), which calls on Singapore to deepen leadership in areas where we already have advantages while continuing to make bold investments in emerging fields that can drive the next phase of growth.<\/p>\n
Singapore\u2019s challenge is not deciding between one or the other. It is ensuring we are prepared for both.<\/p>\n
That technologies such as quantum computing have yet to reach widespread commercial use is precisely why Singapore needs to start thinking of them now.<\/p>\n
Our semiconductor industry, biomedical sciences sector and fintech ecosystem did not emerge overnight. Each was built through long-term investments made before commercial outcomes were certain.\u00a0<\/p>\n
Take semiconductors. In 1968, National Semiconductor established Singapore\u2019s first semiconductor manufacturing facility, at a time when Singapore was still building its industrial base. The following year, Texas Instruments opened its first plant here.\u00a0<\/p>\n
The early focus was on building manufacturing capabilities, infrastructure and a skilled workforce, rather than waiting for a fully developed local semiconductor ecosystem to appear first. Now, the country has an ecosystem spanning much of the semiconductor value chain, and continues to attract new investments as demand grows for chips.<\/p>\n
The same approach is needed today.<\/p>\n
New technologies could eventually address problems beyond the reach of even the most powerful classical computers \u2013 or create new problems. Some implications already require action today and preparation cannot wait for the technology to mature.<\/p>\n<\/div>\n
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