AS Singapore moves towards a more innovation-led economy, Singaporeans must embrace a mindset that takes calculated risks, and accepts setbacks as a learning experience, said Minister for Trade and Industry (Industry) S Iswaran on Tuesday.
He was speaking to university students at the Ministry of Trade and Industry Economic Dialogue 2016, which focused on ways Singapore can seize global opportunities in the future economy.
While he stressed that Singaporeans must continue to deepen their skills and proficiency in their areas of specialisation, he noted that a resilient mindset will be crucial as well.
"The key is that such skills must be complemented by a greater appetite for risk and tolerance for failure, especially in the context of innovation; a willingness to venture into unchartered waters and embrace opportunities, and to stay resilient and flexible, even in the face of adversities," he said.
The Ministry of Trade and Industry event was held at the Singapore Management University campus.