Singapore Cannot Rely On Existing Formulas To Move Forward -- PM Wong

By Nur Ashikin Abdul Aziz

SINGAPORE, Aug 8 (Bernama) -- Singapore cannot afford to cruise along and only rely on existing formulas to chart its future path, says Prime Minister Lawrence Wong on his maiden National Day message on Thursday.

Faced with various happenings accross the globe that shape the country’s operating environment, Wong said Singapore must instead act with agility, foresight and gumption.

“Across the world, we faced growing populism, economic nationalism and protectionism. Politics in many countries has taken a vicious turn, making it even harder for all of us to wrestle with urgent existential crises, especially climate change.

“We have to seek fresh solutions and chart our own path to take Singapore forward,” he said from outside the Sri Temasek building in The Istana grounds.

The speech was broadcast on CNA and also uploaded on the Prime Minister’s Office’s YouTube page.

Wong, who is also Finance Minister, said to build a better Singapore, his government will forge new opportunities for the people, redouble efforts to keep the cost of living stable, and strengthen the system of social support.

He said as a developed economy, the country cannot expect to grow as rapidly as before but it must still pursue economic growth and upgrade it through innovation and productivity.

“That's why we are investing in research and development (R&D) and new technologies like robotics and artificial intelligence (AI), and we are undertaking massive infrastructure projects, like the Changi Airport Terminal 5, and the Tuas Port to sharpen our competitive edge as a global logistics hub,” he added.

Wong also highlighted the government’s initiative, SkillsFuture, that will help Singapore’s workforce to be ready for job opportunities that may demand new capabilities due to investments of various multinational companies in the island republic.

He said the government will work closely with the National Trades Union Congress (NTUC) and employers to equip every worker for the future economy.

Meanwhile, Wong said the government will continue to cushion the impact of inflation, especially for the lower and middle income Singaporeans, through support measures such as Community Development Council (CDC) vouchers, cash payouts and utilities rebates.

He said the government also intends to do more to help strengthen social safety nets by enhancing support for families under the Singapore Forward initiative, which he will share more at the National Day Rally on Aug 18.

“We may be a young nation but we have overcome much together. So, we have good reasons to be confident about our future. Despite the challenges, we will take Singapore onwards and upwards. Ours will be a future full of exciting opportunities and possibilities,” he said.

Singapore celebrates its 59th National Day on Friday (Aug 9).

-- BERNAMA