Singapore to foster ‘outgoing and experimental spirit’ in refreshed economic strategy: Tharman
This is how the Republic can grow leading firms and secure good jobs with rising incomes for its people, says the president
[SINGAPORE] Fostering an “outgoing and experimental spirit” of entrepreneurship is a focus of the nation’s refreshed economic strategy, said President Tharman Shanmugaratnam on Friday (Sep 5), as he laid out the government’s priorities at the opening of the 15th Parliament.
“Our ambition is clear: to make Singapore a place where ideas can take root, and where entrepreneurs can build, innovate, expand abroad and become regional and global leaders in their respective fields,” he said. “It is how we can grow leading firms, and secure good jobs and rising incomes for Singaporeans.”
At the same time, this progress must uplift everyone, he noted. “We seek not just growth, but inclusive growth; a society where every citizen shares in the nation’s prosperity, and every Singaporean has the confidence that tomorrow will bring brighter opportunities and a better life.”
In the traditional address to the newly convened Parliament, he outlined Singapore’s strategy for navigating global uncertainties: economic transformation, workforce adaptation, and ensuring prosperity is shared across all segments of society.
The fraying global rules-based order has created a more unsettled and chaotic world, he warned, describing these tensions not as transient headwinds but as “fundamental shifts in the tides”.
In this environment, securing Singapore’s place in the world is the government’s top priority, he pointed out. This means investing more in military defence; countering foreign interference and disinformation; and guarding against domestic threats, from terrorism to drug-laced vapes.
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Singapore will play a constructive role in shaping a fair and stable global order, said President Tharman. It will contribute to deeper Asean integration, support reforms to multilateralism, and deepen partnerships with like-minded nations to preserve open trade and investment flows.
Economic reforms
On the economic front, Singapore must remain a reliable base and a gateway to Asia, said President Tharman.
A strong economy is vital for this – yet the old playbook no longer suffices, as competition intensifies and major economies re-shore or near-shore investments, he warned. “Singapore must adapt faster and innovate more boldly – to enhance our value as a trusted hub for trade, capital and talent.”
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That is why the country is refreshing its economic strategies, he noted. The Singapore Economic Resilience Taskforce, formed in April amid trade uncertainty, has convened five committees for such a review.
The refresh involves restructuring industries, as well as building capabilities in sectors of the future, from advanced manufacturing to IT, finance, clean energy and environmental sustainability.
For new technologies such as artificial intelligence (AI), the government will make adoption practical for enterprises and step up reskilling.
Technology will also help tackle climate change through decarbonisation and coastal protection, he added. The government will support companies that develop green solutions, and continue with partnerships to develop carbon credit markets and mobilise regional sustainable finance.
Jobs and assurance
Amid such change, jobs and skills will keep evolving, and some industries will fade while others emerge, said President Tharman. “We cannot hold back this tide of change. But we can prepare ourselves – individually and collectively – to navigate it with confidence.”
The government will equip workers with skills to adapt and seize opportunities, he added, noting measures such as the Jobseeker Support Scheme for displaced workers and the SkillsFuture Level-Up Programme for mid-career professionals.
“These schemes are not the final word. We will continue to enhance and improve them, to keep them effective in meeting the needs of Singaporeans at different stages of their careers.”
Beyond jobs, the government is strengthening its assurances that Singaporeans can “live with dignity, purpose and hope”.
The youth will be prepared for future jobs and given a voice in shaping Singapore. Families will have access to affordable housing and caregiving support. And seniors will get help to stay active through continued employment or comfortable retirement.
“We also recognise the immediate pressures of daily living,” said President Tharman, adding that the government will continue to cushion rising costs. “But our aim goes beyond helping Singaporeans to cope with uncertainty. Every citizen should have confidence that, whatever lies ahead, they can pursue their aspirations and provide for their families.”
Narrowing the gap
Singapore seeks inclusive growth – and social mobility remains a priority, said President Tharman.
“As societies mature, wealth can entrench, and inequality can become self-perpetuating,” he noted. “We see this around the world. Privilege is passed down, while disadvantage becomes harder to escape.”
He added: “We cannot allow this trend to be ingrained in Singapore. We must actively resist it and find practical ways to narrow the gap.”
The government is investing in early childhood development to “give every Singaporean the best possible start”, and creating multiple pathways for students and workers to excel.
“This requires us to challenge deep-seated assumptions about what constitutes valuable work, and who we consider to be professionals,” he added.
Vulnerable groups such as low-income families and persons with disabilities will also get more support.
“We first” society
To achieve this, said President Tharman, Singapore must foster a “we first” society: one where citizens prioritise collective good over individual interest. This involves creating community networks; creating space for ground-up initiatives; and encouraging volunteering.
Even as divisions deepen elsewhere, Singapore must zealously guard its unity, especially its racial and religious harmony, he added.
Global trust in institutions may be eroding, but Singapore has built trust both between government and people, and among citizens. This trust has enabled long-term planning and hard choices. “But trust must be continually earned – through continuous dialogue, listening, accountability, and a shared sense of purpose.”
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