Singapore's actions in next five to 10 years will chart nation's course 'for decades to come': DPM Heng

Singapore needs a stronger economy, one that is dynamic and inclusive, resilient and innovative, and connected to new global nodes in Asia and the world.

Deputy Prime Minister and Finance Minister Heng Swee Keat said having such an economy will help create more jobs that offer better prospects for workers, and enable workers to climb higher up the skills ladder.

"This is what distinguishes us from other countries. All countries, including us, are providing immediate support, to provide a cushion. But we are going further, investing to give everyone a springboard, to bounce back from (the Covid-19 crisis) even stronger. In Singapore, we never stop thinking of tomorrow," said Mr Heng on Saturday evening in a televised national broadcast.

To succeed in this effort, he stressed the need to master the major trends reshaping the global economy, and speed up the structural transformation of the Singapore economy.

"The shift to digital will accelerate. The way we live and work will be transformed. We must support our businesses and workers to ride on these trends, and reimagine our economy for a post-Covid future," he said.

He outlined three ways in which Singapore will do this. First, as a major trading nation and a key aviation and maritime hub, Singapore must persist to find new links to enable the free flow of goods, services, capital, data, ideas and talent. Mr Heng said Singapore must always remain an open, trading nation, and he warned that the country is "finished" if it closes up.

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Second, the government will continue to invest in infrastructure, even if it means having to delay some projects. These projects keep Singaporeans connected to the world, make travelling within the country faster and more pleasant, and give us beautiful homes to live in. Mr Heng said Singapore will strengthen its resilience, and rejuvenate the island into a cleaner and greener Singapore for all to enjoy.

And third, Singapore's investments and research and innovation will sharpen its competitiveness. More than S$20 billion will be set aside to support basic and applied research in areas such as health and biomedical sciences, climate change and artificial intelligence.

Mr Heng announced the new Emerging Stronger Taskforce - co-chaired by Social and Development Minister Desmond Lee and PSA International Group CEO Tan Chong Meng - has convened "Singapore Together Alliances for Action". These alliances are industry-led coalitions that will act on key growth areas such as robotics, e-commerce, and the built environment.

"The key is speed and agility. Successful projects will become new shoots of growth, and generate new jobs," he said. "This effort to grow our economy is not just to create jobs, but to create better jobs for Singaporeans."

On the topic of employment, Mr Heng reiterated the point that the government's "most urgent" task at hand is jobs. He said: "Your job is our top priority. Because jobs are the most direct way for every Singaporean to improve our lives and support our loved ones."

More support will be given to cushion the impact for those hardest-hit by the Covid-19 pandemic, he said. There is help for the self-employed group via direct cash support, and there is special attention being paid to lower-wage workers. The government is also working with employers and unions to enhance the career prospects of workers here.

"But despite our utmost efforts, some - perhaps even many - will lose their jobs. We are therefore making a big push to create as many new jobs as possible" said Mr Heng. "The National Jobs Council has started work, to oversee the creation of 100,000 jobs and training opportunities under the SGUnited Jobs and Skills Package. We will work with companies, and invest in our people. We are determined not to lose a generation of workers and youths."

Even as Singapore builds a stronger economy, Mr Heng said it was also important to strengthen the culture of society so that no Singaporean is left behind. He promised that every citizen will be part of society's progress, regardless of their starting point or circumstances.

"The stronger we are at home - as an economy, as a society, as one people - the more secure our place in the world. Our strengths at home will enable us to be a valuable member in the community of nations," said Mr Heng, adding that Singapore can play a useful role in the regional and global community.

"A trusted and reliable Singapore, relevant to the world, will in turn attract investments into Singapore, and give Singaporeans an edge in seeking opportunities at home or abroad. This Singapore premium is precious," he said.

As he wrapped up his speech, Mr Heng said the country's actions in the next five to 10 years will chart the nation's course "for decades to come". He called on all Singaporeans to adapt and learn fast in this changed world, and turn anxiety to action, and turn challenges to opportunities.

"As we move forward, we will deepen our trust and support for one another. I have every confidence that we will succeed. This government has the will and the way to lead us out of this crisis. We will face the challenges ahead together with you, all the way," he said.

"We will fight Covid-19 as Singapore Together. Everyone counts, and can be counted on. We will do what it takes to protect our lives and our livelihoods, to secure our future. We will overcome this crisis of our generation. We will be a generation that emerges stronger."