Singapore will continue to develop local, global talent to fill jobs from investments

SINGAPORE will continue to revise foreign manpower policies so companies can access the global talent they need, on top of the local talent pool, Minister of State for Trade and Industry Alvin Tan said on Monday (Feb 14).

New investments won by the Economic Development Board (EDB) have added some 54,000 jobs in the last 3 years and "the majority of these are good-paying jobs which are filled by locals", he disclosed.

When pressed for specific figures, he disclosed that about four-fifths of jobs with salaries of more than S$4,000 a month will go to locals, based on projections from companies that made investments in 2021 - although "this will obviously ultimately depend on prevailing labour market conditions, and also the ability of the companies themselves to identify suitable local talent".

Still, Tan also said that employers have indicated increasing difficulties in accessing talent, especially in fields with skill shortages - an issue that he dubbed "a critical challenge".

Tan highlighted Singapore's talent pool - both local and global - as a draw for investors, with roles such as software engineers, data scientists, lab technicians and consultants among the jobs created recently across production, digital, business services and innovation functions.

He noted that efforts by the government, education institutions, industry and labour movement to train the local workforce will allow Singapore to "respond swiftly to the changing global economic landscape and opportunities" and help locals take jobs in growth areas.

But, pointing to slowing local workforce growth and global competition for workers, he added: "To stay competitive and resilient, Singapore must remain open to complementary talent.

"The government will continue to calibrate changes in our foreign manpower policies to allow companies to access the talent and skills they need to grow our economy, and also to ensure that these growth opportunities will create even better jobs for Singaporeans."

He was replying in the House to questions from People's Action Party MPs Foo Mee Har (West Coast GRC) and Sharael Taha (Pasir Ris-Punggol GRC) on investments and job creation.

Foo and Sharael had asked how the profile of investments in Singapore has changed over time, as well as how well prepared local workers are for the jobs that accompany such investments.

In response, Tan said that the investments attracted by the EDB span a range of sectors from manufacturing to professional services and infocommunications.

There has been a shift towards higher value-added and innovation-focused activities, and "we expect to attract more investments in advanced manufacturing, the digital economy, and the green economy in the coming years", he added.