Singapore government will take industry feedback seriously as business ties grow more important: PM Wong
When requests cannot be granted, the government will find other ways to address concerns, he adds
[SINGAPORE] Businesses’ feedback on needs and challenges will be taken seriously, as the government’s relationship with industry becomes increasingly important in Singapore’s next growth phase, said Prime Minister Lawrence Wong at a post-Budget dialogue on Wednesday (Mar 19).
“I want to show all of you that these engagements are important for us. We do not just do it for pro forma reasons,” PM Wong told business leaders at the SBF Singapore Budget Symposium. “We do it because we want to listen to you, we want to engage you, and we take your feedback, ideas and suggestions seriously.”
Yet, it is not possible to grant every request on businesses’ Budget wish lists, added PM Wong, who is also the finance minister. This is not just a matter of resources or funding, but whether a policy can be implemented.
For example, many businesses want foreign labour quotas to be relaxed so they can hire more work permit holders. But such a move is not possible, as Singapore could easily be overwhelmed by too many workers, he said.
When requests cannot be met, the government will explain its position, he added. “We hope you understand that, and we try to find other ways to address your concerns.”
Instead of relaxing work permit holder quotas, the government removed their maximum employment period and raised the maximum employment age to 63, in Budget 2025. It also added three countries and expanded the roles on the non-traditional source occupation list, which allows such workers to be hired from more countries for certain sectors or occupations.
An important partnership
Budget 2025 also included moves to provide immediate relief for higher business costs and strengthen Singapore’s enterprise ecosystem for the long term.
Many of these measures, said PM Wong, came in response to comments and suggestions from businesses, through the government’s engagement with trade associations and the Singapore Business Federation (SBF).
“We will always listen to your feedback (and) suggestions, and we will work together to address whatever challenges we face together.”
The government’s partnership with enterprises will become increasingly important for Singapore’s growth in a more dangerous, turbulent and volatile external environment, said PM Wong.
US-China rivalry continues to grow, with positions hardening on both sides, he noted. These tensions will reshape the global order as major powers focus more on defence and security, and less on win-win economic cooperation.
“It will mean that the world will become more and more like a lawless jungle, where might is right.”
These dynamics will affect Singapore, and cannot be changed – but the Republic can shape its response to them.
“That is why it is important for us to continue to uphold our strong economic fundamentals: pro-business environment, (and staying) open to investment, trade and talent,” said PM Wong.
Costs and transformation
At the symposium, PM Wong was joined by Second Minister for Finance Chee Hong Tat and Minister of State for Trade and Industry Alvin Tan for a discussion on Budget 2025, moderated by SBF chief executive Kok Ping Soon.
They took questions from business leaders and small and medium-sized enterprise owners on topics such as cutting regulatory red tape and costs, the Johor-Singapore Special Economic Zone, and how trade associations can better support the government.
This was followed by a plenary discussion with Enterprise Singapore (EnterpriseSG) chairman Lee Chuan Teck, Workforce Singapore chief executive Dilys Boey, DBS group head of institutional banking Han Kwee Juan and HMI Medical group CEO Chin Wei Jia. The panel was moderated by PwC Singapore executive chairman Marcus Lam.
The panellists discussed internationalisation opportunities, workforce transformation and the importance of technology in business transformation.
EnterpriseSG’s Lee noted that many companies have held back from embarking on transformation due to growing costs and uncertainties arising from global tensions.
Still, he encouraged businesses to take the leap as these tensions will “probably not settle down very much in the near future”. Companies that have worked to digitalise and expand overseas have seen “very encouraging” results, he added.
In transforming, companies must inculcate the right culture and be clear on goals and strategies, said Han.
On artificial intelligence (AI), Lee noted that many of the government’s support measures are experimental, as the technology is still evolving. “We will have to evolve our support as AI advances.”
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