Innovation, transformation, and investment in workers key for a vibrant S’pore economy

SINGAPORE — In order to build a vibrant economy, and create opportunities for workers, the Government plans to help businesses innovate and transform as the economy restructures, invest in people to equip them with knowledge and skills for the future, as well as retrain and match workers to jobs.

These were the three key thrusts laid out in the addenda to the President's Address by the Ministry of Trade and Industry (MTI), Ministry of Manpower (MOM), Ministry of Education (MOE), Ministry of Communications and Information (MCI), and two agencies under the Prime Minister's Office — Monetary Authority of Singapore (MAS), National Research Foundation (NRF) — on Thursday (May 10).

STAYING OPEN AND CONNECTED

MTI Minister Chan Chun Sing stressed that Singapore, "a small city-state with no direct hinterland", needs to have deep connections with the rest of the world.

Singapore "cannot close ourselves off," he added, and the nation has to navigate the "complex economic environment deftly" by continuing to gather support from like-minded countries for an open and connected world. It also has to seize opportunities to deepen its connections with growing markets in Asean and beyond.

He also highlighted Singapore's support for the World Trade Organisation, and the continued efforts to pursue and develop regional agreements such as the Comprehensive and Progressive Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership, as well as bilateral free-trade and investment agreements.

"We will continue to invest in and ensure good physical connectivity to the rest of the world…these efforts will allow companies and people from the around the world to do business with Singapore," he said.

RESEARCH, INNOVATION, ENTERPRISE

Mr Heng Swee Keat, Finance Minister and NRF chairman said that Singapore's research, innovation and enterprise efforts will continue to play a key role in driving Singapore's future economy, as well as address national and societal priorities.

More solutions will be accelerated and deployed to enable economic transformation, he added. These include new programmes to support the transformation of the maritime and aviation sectors, expanding investment in digital and automation technologies, including robotics and artificial intelligence.

These investments will support the future economy council's efforts to encourage adoption of digitalisation and automation across Singapore's economic sectors, said Mr Heng.

Together with other economic agencies, the NRF will support Smart Nation efforts in emerging sectors such as smart energy, digital manufacturing, fintech, digital health, and the Internet of Things. It will also facilitate strategic partnerships among Singapore-based companies in order to expand their capabilities and help them access global markets.

The SkillsFuture for Enterprises will be launched to help businesses transform and grow, said Manpower Minister Josephine Teo. It will be used to help businesses make human capital development a key part of their corporate capabilities, and to better support their internationalisation and growth.

The ministry will also work with other agencies to provide selective flexibility in Singapore's foreign manpower policy to help businesses and industries meet short-term or emerging skills gaps, she added.

More support will be given to mid-career jobseekers and the long-term unemployed, added Mrs Teo. The enhanced "place-and-train" schemes and professional conversion programmes will help more workers re-skill and move into new occupations. To facilitate jobseekers who are trying out short-term work stints, a new programme called the career trial will provide support to help them assess new jobs and careers.

LOVE FOR LEARNING

For education, MOE is on track to implement the changes to the Primary School Leaving Examination (PSLE) scoring, and Secondary One posting systems in 2021, said its minister Ong Ye Kung. Applied and experiential learning will continue to be enhanced in schools and institutes of higher learning, he added.

"As an Asian society, we put strong focus on academic excellence, but we need to continue with efforts to dial back the over emphasis on examination results, which can dampen the enthusiasm for learning," said Mr Ong.

The ministry will also focus on supporting the aspirations of students and lifelong learning, utilising technology to transform learning, supporting needy students and enhancing social mixing in schools. Examples of its efforts include reserving 20 per cent of places at every affiliated secondary school for students who do not benefit from the affiliation priority, and the rolling out of compulsory education for children with special educational needs next year.

DIGITALLY READY NATION

In line with Singapore's vision of a Smart Nation, the digital readiness blueprint will be introduced to build a digitally ready community, said MCI Minister S Iswaran. In order to equip Singaporeans with information and media literacy skills in an "increasingly complex digital environment," the ministry is looking into developing a basic digital access package, and setting up touchpoints in the community to provide one-on-one assistance on using digital devices and accessing digital services.

Singapore will also continue to keep its cyberspace secure, as this is the foundation of a Smart Nation, stressed Mr Iswaran. The national cybersecurity strategy will be implemented to strengthen Singapore's critical information infrastructure, and develop its cybersecurity ecosystem.

Key initiatives for each ministry:

Ministry of Trade and Industry:

• Support will be given to the World Trade Organisation, and the Government will continue to pursue and develop regional agreements.
• Access to assistance programmes to be simplified for Small and Medium Enterprises (SMEs) looking to upgrade their capabilities.

Ministry of Manpower:

• Lean Enterprise Development Scheme will be scaled up to support the implementation of Industry Transformation Maps for more pervasive productivity improvements and innovation, especially among SMEs.
• SkillsFuture for Enterprises will be launched to help businesses make human capital development a key part of their corporate capabilities to better support their internationalisation and growth.
• The enhanced Place-and-Train schemes and Professional Conversion Programmes will help more workers re-skill and move into new occupations or sectors with progression.

Ministry of Education:

• Streamlining of polytechnic courses and introduction of more Common Entry Programmes to give students more time, guidance, and opportunities to explore their interests, decide on their specialisations and career options.
• From next year, 20 per cent of places at every affiliated secondary school will be reserved for students who do not benefit from affiliation priority. Compulsory education for children with special educational needs will also be rolled out.

Ministry of Communications and Information:

• Digital Readiness Blueprint will be introduced to enable all Singaporeans to fully participate in and benefit from digital opportunities in their everyday lives.
• The National Cybersecurity Strategy will be implemented to strengthen the critical information infrastructure and develop Singapore's cybersecurity ecosystem.

Monetary Authority of Singapore, Prime Minister's Office:

• PayNow will be extended to allow businesses to pay each other and receive payments from customers seamlessly, for efficiency gains and cost reduction.
• Help equip financial sector professionals with specialist skills and the expertise to leverage technology and data, more Professional Conversion Programmes will be developed in various areas of specialisation which are geared to emerging job roles.

National Research Foundation, Prime Minister's Office:

• More solutions will be accelerated and deployed to enable economic transformation, including new programmes to support the transformation of the maritime and aviation sectors and the expanding of investment in digital and automation technologies.
• Support for Smart Nation efforts will be given in emerging sectors such as smart energy, digital manufacturing, fintech, digital health, and the Internet of Things.