Ministries Outline Key Initiatives to Strengthen Singapore’s Economy in Addenda to President’s Address

In the President’s Address on Apr. 10, 2023, President Halimah Yacob emphasized the importance of growing Singapore’s economy and reinforcing its status as a trusted global business hub. In response, various ministries have outlined key initiatives to help Singapore remain open, connected, and competitive in a digitalized and sustainable future.

Here’s a summary of the initiatives from key ministries:

Ministry of Trade and Industry (MTI)
MTI plans to expand Singapore’s economic reach by penetrating new markets, integrating deeper into global supply chains, and strengthening international partnerships. The ministry aims to realize the Singapore Economy 2030 vision, targeting growth in trade, manufacturing, services, sustainability, and digitalization. Additionally, MTI will focus on equipping workers with skills in emerging sectors to align training with industry demands.

Ministry of Communications and Information (MCI)
MCI will collaborate with partners to develop a Digital Connectivity Blueprint for sustainable digital infrastructure. The ministry will also work with the Ministry of Manpower and the Ministry of Education to ensure continued access to quality job opportunities, including initiatives like the TechSkills Accelerator. MCI plans to upskill workers across industries in high-demand areas such as 5G, artificial intelligence, and cybersecurity, ensuring they remain competitive in the evolving tech landscape.

Prime Minister’s Office (Monetary Authority of Singapore)
The Monetary Authority of Singapore (MAS) aims to create 3,000 to 4,000 net jobs per year for the financial services sector from 2021 to 2025. Through the Financial Services Industry Transformation Map 2025, MAS has laid out growth strategies for the sector, including enhancing cross-border payment connectivity within ASEAN and providing training support for finance professionals in areas like sustainability and technology.

Prime Minister’s Office (National Research Foundation)
The National Research Foundation (NRF) is focused on building a strong core of local research talent and enhancing Singapore’s global research and innovation collaborations. NRF will advance strategic capabilities in areas like semiconductors and artificial intelligence to unlock growth opportunities. It will also nurture local STEM talent and provide career pathways in research through on-the-job training and development programs.

These initiatives reflect the government’s commitment to preparing Singapore for future economic challenges and opportunities by building a more digitalized, innovative, and sustainable economy while empowering workers with the skills they need to thrive.