Heng Swee Keat
Singapore
“In a world heading towards greater contest and fragmentation, amid rapid advances in science, technology and innovation, Singaporeans can play a valuable part as bridge-builders and connectors, and Singapore can be a trusted and neutral Global-Asia node of technology, innovation and enterprise.”
“The National Quantum Office has identified specific goals under the National Quantum Strategy (NQS), with resources and efforts directed towards specific quantum areas and technologies accordingly.”
“Mr Speaker, Sir, I would like to thank Member Ms Denise Phua for her comments because her comments reminded me of the tagline that I always said when I was in MOE – that you can learn from anyone, anytime, anywhere. In fact, peer learning is a very important aspect of that learning.”
“But I have laid out the strong basis for my optimism that a small and open economy like Singapore can continue to thrive and secure our next bound of growth. By serving as a trusted node and connector, we can create value by facilitating connections and building new linkages in today's fractured global landscape.”
“Secondly, one other very important thing the Member must bear in mind is that AI is a very rapidly developing field and it is something which our researchers are working hard on, to look at the different techniques of AI – it is not just GenAI, but the whole range of different AI systems that are being used – and how that can be used in c…”
“Assoc Prof Jamus Lim, you do not need an invitation. You are free to provide your suggestion. After all, are you not from WP? And by the way, let me make it clear that I have heard MPs on both aisles speaking about workers, and we have a very strong presence of our union MPs here and they will be speaking even more on this.”
The complete record
Every one of 1,730 lines we hold for Heng Swee Keat, in date order, each linked to its source. Free to read, in full, without an account. Page 1 of 35.
“Sir, first, let me thank Assoc Prof Jamus for his support for R&D spending. I am very happy to hear that. As for his specific inquiry, actually, we have many different pots of research funding for different activities. The National Research Fund oversees the part that is largely related to science and technology. But beyond science and technology, where there are parts that are related to how science and technology may be deployed; we also fund some of those research. For instance, in the field of ageing, it is not just the biomedical aspects of ageing, but also the behavioural aspects of ageing. How do we nudge people towards healthier lifestyle, healthier behaviour. So, where it is closely related, we do fund those projects as well. At the same time, there are also many different pots of research funding. When I was at the Ministry of Education (MOE), we have and we still have the Academic Research Fund at different tiers that is administered by MOE. We have our research panels that look at the quality of these proposals as well. We have also recently, a few years back, created the Social Sciences and Humanities Research Group that will look at the research in this area. The question is, how do we bring all of this together? I think for individual researchers, do apply for that, look at what may be relevant. My personal appeal to researchers is that I know there are some who love to look at just the basic research of it. We do fund a lot of that, particularly in the sciences. But there is also a lot of scope for us to fund and do research that can be translated into actual practices, into seeing immediate improvements in the lives of people, whether it is in healthcare, and that is why I mentioned one of the big challenges that we are working on is healthy longevity.”
“In a world heading towards greater contest and fragmentation, amid rapid advances in science, technology and innovation, Singaporeans can play a valuable part as bridge-builders and connectors, and Singapore can be a trusted and neutral Global-Asia node of technology, innovation and enterprise. Together, we can learn from the best, work with the best and build a better home for future generations. I trust colleagues in the House, and all Singaporeans, will support this call as we celebrate SG60 and grow towards the future. [Applause.]”
“This enables Singapore to work closely with international partners to address common scientific challenges, such as ageing population and pandemic response. (In English): Before I conclude, allow me a brief reflection on SG60. A decade ago, I was chairing the SG50 Steering Committee, where we engaged with Singaporeans to express their love and hopes for Singapore. I was inspired and humbled by the hardy spirit of our Pioneers and the dynamism of our youths. I was then working on my first Budget and thinking hard about how to support Singaporeans to ride the waves of changes to come. Even 10 years ago, at SG50, we knew big changes would come. We invested our resources, hopes and energies in building a resilient nation. We never imagined we could be hit by a global pandemic that defined a generation. Yet, we pulled together and pulled through. Our Singapore that celebrates SG60 this year is a tougher, stronger and also kinder and more compassionate Singapore than the one that celebrated SG50. As I look forward to SG70 and beyond, my wish is for us to continue to invest in all Singaporeans, young and old. Let us invest in enabling our seniors who have done so much for the progress of Singapore to enjoy healthy, fulfilled and productive longevity. Let us invest in our young to develop their full potential, to develop uniquely human skills and competencies, to thrive in a world of AI, robotics and other technological advances. In particular, let us continue to invest our time and energy to continue deepening our multiracial, multi-religious and multicultural society. If we can forge our path forward, our youths today will serve as valuable bridge-builders, connecting ideas and talent across the world to solve pressing challenges facing humanity.”
“Indeed, the Economic Development Board (EDB) plans to launch a Global Founder Programme to attract more experienced global founders to grow impactful new ventures from Singapore. Growing up in a diverse multicultural society, Singaporeans are well-placed to serve as bridges to connect ideas and talents across the world. Together, we can learn from the best, work with the best and build a better home for future generations. Mr Speaker, Sir, let me now say a few words in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] This year marks Singapore's 60th year of Independence. It is a significant milestone for our nation. Over 60 years, our people and the Government have worked together to overcome numerous challenges and created a remarkable economic miracle and a harmonious multicultural society. However, amidst global uncertainties, intensifying geopolitical tension and rising trade protectionism, how can we maintain Singapore's economic momentum and create a better future for our people? Science, technology and innovation are developing at accelerating pace, profoundly impacting countries' strategic strength and economic development. As countries strive to achieve breakthroughs and maintain leadership in these areas, a competitive dynamic has emerged. At the same time, many researchers worldwide are still willing to cooperate with researchers from other countries to address common challenges. Therefore, we will continue to develop Singapore's research, innovation and enterprise ecosystem and strengthen international connections and cooperation to reinforce Singapore's position as a neutral, trusted Global-Asia node.”
“They need to fulfil their mandates to regulate safely and effectively, while staying on top of changes and facilitating new ideas and innovation. For example, the Monetary Authority of Singapore (MAS) has embraced its dual mandate to supervise and develop the financial sector and is pushing the frontier in new areas, such as digital and sustainable finance. The Singapore Food Agency (SFA) is the first in the world to approve cultivated meat for commercial sale. The Land Transport Authority (LTA) is facilitating trials of autonomous vehicles to transport goods and keep our public roads clean. Sir, I trust that our regulatory agencies will continue to build up the capabilities and the mindset to facilitate innovation while managing risks. Talent is another key pillar of our innovation strategy. The Government is committed to helping every Singaporean achieve his or her potential. When I was the Education Minister, we launched an Applied Learning Programme to interest the young in science and technology. Earlier on, I supported Mr Philip Yeo, then Chairman of A*STAR, to send promising young Singaporeans to the top universities in the world to do their PhD under the A*STAR scholarship. To date, almost 1,400 have completed their studies and returned, where they contribute to cutting-edge work in our research institutes and uplift our companies' R&D capabilities. In the coming years, I encourage more Singaporeans to develop "bilingual" fluency in the languages of business and in science and technology. Make full use of these Budget enhancements to build new skills. At the same time, we must also welcome the best from around the world to be here. Just as steel sharpens steel, strong minds sharpen one another.”
“Hence, as part of our positioning as a Global-Asia node, we will step up our international partnerships in the coming years and, while we launch new initiatives, we will continue to invest in basic research to develop talent in our universities and in upgrading our research infrastructure. In addition to what the Prime Minister announced in the Budget, we will also invest in new data and compute capabilities. I have spoken on economic transformation and investing in research. To capture the value of our research, the third area is to strengthen our innovation and enterprise ecosystem. We are off to a good start, with Singapore ranked number one in three different reports: the IMD's World Competitiveness Ranking, the IMD's World Digital Competitiveness Ranking and the World Intellectual Property Organisation's Global Innovation Index. To remain competitive, we must continue to maintain our outward orientation. Companies invest in Singapore not just for our market, but as a gateway to the region. Singapore has served this role well in the last 60 years. Today, Asia accounts for over half of the world's population and about 40% of global GDP. The projected medium-term growth rates of 4% to 5% is double that of the G7 developed nations. As the future economy will be driven by technology and innovation, to stay relevant, Singapore must position ourselves as a 21st century Living Laboratory, or Living Lab, where companies and innovators test new solutions and then scale them up to the region and the world. We can serve as a springboard for companies to venture to a new future, to a wider world market. In this regard, our regulatory agencies play an important role.”
“The linkages between research, translation and commercialisation will be tightened, to advance key economic areas, produce new products and companies and address real-world needs and problems. I am pleased that work has started to scope and design these initiatives. The first Grand Challenge proposes to address the opportunities and challenges of healthy and successful longevity and the first flagship will be focused on advancing our semi-conductor and microelectronics R&D. We will announce more details later. Even as we do these, we must remember that while Singapore's research investments are significant, it is a small fraction of global R&D spending. So, we must work with like-minded partners from the region and around the world to achieve synergy. Just as an illustration, while our investments are $28 billion over five years, the United States (US) alone in one year, was US$923 billion, and China was US$812 billion. And even as a percentage of their GDP, they are far higher. So, I think we must have a sense that even as we want to talk about value for money, that what we are spending is a tiny fraction, and I would say that even private sector players like Alphabet spent US$45 billion, Meta spent US$38.5 billion and Apple $30 billion in 2023, all in US dollars. So, we have to work with like-minded partners from the region and around the world to achieve synergy. Beyond achieving impact for Singapore, we must contribute to addressing global challenges, as these are faced by everyone.”
“We will finalise our investments from 2026 to 2030 later this year. But let me share two major new initiatives that we are working on for RIE2030. The first initiative is Applied AI. I think Mr Henry Kwek made a good speech yesterday on the use of AI. So, our first initiative on Applied AI includes applying AI to major use cases in priority sectors, such as healthcare, education, finance, advanced manufacturing, connectivity, logistics and transport. We have started on this. In October last year, we launched a $120 million AI for Science initiative, to support researchers in leveraging AI to accelerate discoveries in fields, such as advanced materials and biomedical sciences. Applied AI sits at the intersection of AI and domain knowledge. Building on the strong domain expertise of our practitioners and researchers in healthcare, education, finance, engineering and many others, we will invest more in developing "bilingual" scientific talent – researchers who can bridge between AI technologies and domain expertise. The second new initiative is the development of new large-scale, cross-cutting R&D programmes called Flagships and Grand Challenges, to achieve greater impact. "RIE Flagships" will push for value creation in key economic sectors and "RIE Grand Challenges" will address national strategic priorities. These Flagships and Grand Challenges will pull together relevant research and translational capabilities across our universities, the Agency for Science, Technology and Research (A*STAR) and other research institutes, public agencies and private sector players, to form a suite of purposefully coordinated and synergistic programmes.”
“Our RIE spending has supported our research talent and raised the quality of research in Singapore. Singapore's Field-Weighted Citation Impact, a measure of research impact, grew from 1.29 in 2010, to 1.52 in 2022, which is 52% above the global average. Our universities, research institutes and academic medical centres are well-regarded globally. The National University of Singapore (NUS) and the Nanyang Technological University (NTU) are ranked among the top five universities in Asia. This is not a small achievement, considering that we have such a small population and there are so many universities in Asia alone. Multinational corporations (MNCs), small and medium enterprises (SMEs) and startups alike partner our research ecosystem to develop new products and services through platforms like company R&D centres, over 20 corporate labs and Centres of Innovation. Indeed, as Members have raised, innovation is key! Our agencies organise renowned innovation platforms, such as the Singapore Week of Innovation and Technology and the Singapore Fintech Festivals, the largest in the world. The percentage of firms with R&D activities grew, from 14.8% of our GDP in 2012, to 23.6% in 2022. [Please refer to "Clarification by Deputy Prime Minister", Official Report, 27 February 2025, Vol 95, Issue 154, Correction By Written Statement section.] Our RIE investments support entrepreneurship and incubation programmes in our universities, which generate a pipeline of startups. In fact, the Global Start-up Ecosystem Index Report 2024 ranks Singapore first in Asia and seventh globally. Sir, I put forth that over the years, our RIE investments have supported economic growth, created good jobs and improved lives for Singaporeans. Mr Neil Parekh also asked what else will we do.”
“The stakes have never been higher, and that is why Great Power rivalry is intensifying. But around the world, enough players believe in collaboration to tackle common challenges shared by humanity. So, we must continue to position Singapore as a trusted and neutral Global-Asia node of technology, innovation and enterprise, where like-minded partners come together to collaborate. Our investments in RIE will not only support our economic transformation but also benefit our people, directly and indirectly. For example, AI and robotics will automate routine tasks – augmenting our declining workforce and improving the quality of jobs; the science of learning, which explores how we learn, and the use of AI learning tools, can allow us to personalise learning for each student and worker; our National Precision Medicine Programme seeks to personalise treatments based on our genetic make-up; geriatric science, such as that being studied at the Queenstown Health District, seeks to keep our ageing population healthy and active for longer; and low carbon fuels and smart cities allow us to make best use of our limited land size, while reducing our carbon emissions. Over the years, we have invested around 1% of GDP annually to support RIE activities, with $28 billion committed for the current RIE2025 plan. Unlike research and development (R&D) in a private company, the benefits from these public research expenditures accrue to the whole economy and society. Unfortunately, we are seeing a worrying trend where some governments are making cuts in these areas as they do not fully understand their value, risking great damage to themselves in the long run. Members, including Ms Jessica Tan and Mr Pritam Singh, have asked what progress looks like? Let me give a few examples.”
“But change is inherently difficult, particularly when faced with near-term head winds. Fewer companies, facing geopolitical uncertainties and higher costs, are launching transformation projects. But we must press on to create new value-add and stay competitive. So, even as businesses make full use of the corporate income tax rebate and Progressive Wage Credit at this Budget to manage immediate cost pressures, I urge them to also make the best use of the measures, such as the Enterprise Compute Initiative and the redesigned SkillsFuture Enterprise Credit, to transform. Let us build on the partnerships and structures we have established to support one another, whether through the tripartite platforms like the National Trades Union Congress' (NTUC's) Company Training Committees (CTCs), or private-public partnership platforms like the Alliance for Action (AfA) on Business Competitiveness led by the Ministry of Trade and Industry (MTI) and the Singapore Business Federation (SBF), we will go further in our transformation journey by working together. I have spoken on pressing on with transformation. The second area is to continue to invest and double down on our investments in research, innovation and enterprise (RIE). Science, technology and innovation are advancing at an accelerated pace. These advances will reshape and disrupt industries, changing the competitive dynamics and transforming our lives and our societies. The recent buzz over AI, new generation of chips and 5G/6G communication is just the beginning. Given the critical value of technology and innovation, strategic and economic strengths of nations and of companies will depend on who can make the breakthroughs and retain their lead.”
“Game-changing technologies like artificial intelligence (AI), quantum computing, 5G/6G, satellite communications, robotics, biotechnology, electric vehicles (EVs), autonomous vehicles and nuclear fusion are advancing rapidly. All these will change how we work and live. As Chairman, I have been working with my teams at the National Research Foundation and the Future Economy Advisory Panel to stay on the pulse of these seismic movements. How can we ride these changes to create a better future for Singaporeans? We must stay creative and find opportunities in adversity and in times of major changes to emerge stronger, just as we did during the Asian Financial Crisis, the Global Financial Crisis and more recently, through COVID-19. We must also invest in creating our future. So, let me suggest three areas. First, we must press on with our economic transformation. At the last Budget debate, I outlined our latest phase of economic transformation, starting with the formation of the Future Economy Council in 2017. Last year, we launched a report to take stock of our efforts. There are copies of this report in the Parliament library. Between 2016 and 2023, Singapore's labour productivity grew by 3.1% per annum. [Please refer to "Clarification by Deputy Prime Minister", Official Report, 27 February 2025, Vol 95, Issue 154, Correction By Written Statement section.] And this puts us among the top three of a select group of small, advanced economies with similar population size and gross domestic product (GDP). Our workers and businesses have all benefited. I thank all our leaders in our business sectors, unions, trade associations and chambers, and academia, who have lent their support and expertise.”
“Mr Speaker, Sir, I rise in support of the Budget. Budget 2025 is a Budget for all Singaporeans. It provides immediate support for families and businesses amidst cost pressures, while advancing our growth frontier for the future. This focus on tackling immediate challenges, while positioning Singapore for the longer term, has been a focus of this Government and has served Singapore well. This year, we celebrate SG60. We have much to celebrate. From a fledgling nation with limited resources, we have built a thriving economy, a cohesive society and a liveable city for our people. Our people are living longer and healthier lives in affordable and vibrant estates. Our workers enjoy good jobs and rising wages in a modern economy. Our students learn and excel, and adults continue learning all their life. As we enjoy the SG60 package in the Budget, let us express our gratitude for the hard work and sacrifices of earlier generations of Singaporeans, and for their support for political leaders to forge a path forward, to uplift all. While we have done well over the last 60 years, changes will accelerate in the years ahead. The Prime Minister delivered the Budget Statement in a world that is moving towards a multipolar economic order. Domestic politics in many countries are more polarised and fragmented, making rational policymaking harder. Global political and security dynamics, and trade and investment flows, are shifting rapidly. Climate and demographic change are the warp and weft, weaving inexorable impact on the future of humankind. Advances in science and technology are transforming our economies and societies. Imagine, the smart phones in our pockets today have more compute power than the Apollo 11 module that took the first man to the moon!”
“The National Quantum Office has identified specific goals under the National Quantum Strategy (NQS), with resources and efforts directed towards specific quantum areas and technologies accordingly. The National Quantum Processor Initiative, for example, funds projects to develop quantum processor prototypes using promising approaches, such as trapped ions and neutral atom arrays. Another example is the National Quantum Sensor Programme, which funds efforts to develop quantum sensor solutions in remote sensing, biomedical sensing and imaging, and Position, Navigation and Timing. To complement these directed efforts, the NQS also supports ground-up investigator-led research, capability development through various schemes, such as scholarships for quantum PhD and Master's students, and industry collaborations. The different prongs are part of a broader coordinated approach to build up talent, knowledge and capabilities and position Singapore strategically in this nascent and evolving field.”
“The National Quantum Office (NQO) was established to develop the quantum research and development (R&D) ecosystem in Singapore. NQO has identified four thrusts under the National Quantum Strategy to achieve this goal. First, it will promote scientific excellence in high-impact areas of quantum research by bringing together top research talent across our universities and research institutes at the Centre for Quantum Technologies. Second, it will seek to strengthen Singapore's engineering capabilities to translate quantum research into solutions in promising areas, such as remote sensing and biomedical imaging. It will also build capabilities in the design and building of quantum processors through the National Quantum Processor Initiative. Third, NQO aims to attract, develop and retain talent to build a quantum-ready workforce. For instance, the National Quantum Scholarship Scheme will develop a pipeline of 100 Doctors of Philosophy (PhD) and 100 Masters-level graduates over the next five years. Fourth, it will work on building a vibrant quantum industry. NQO will leverage national quantum-related programmes, such as the National Quantum Computing Hub, to catalyse collaborations with industry. While the success of research in such cutting-edge areas is inherently uncertain, these four thrusts represent an integrated approach in building Singapore's quantum ecosystem.”
“Agencies decide whether to fund research projects based on the evaluation criteria specified according to the agencies’ needs. The evaluation is conducted by persons with relevant experience, who could be from academia or industry. Project administration, which covers activities, including grant administration and reporting, project lifecycle management and strategic planning, is done by programme managers. Good programme management and a healthy research, innovation and enterprise ecosystem require a combination of skills, competencies and talents, including deep scientific expertise, strong project management skills and administration capabilities and experience. These capabilities are developed and maintained through specialised training, learning on the job and other professional development activities. Projects that are Statutory Board-administered have to be aligned with the broader development plans of the Statutory Board. Project evaluation is based on the criteria specified by the Statutory Board. The composition of evaluation panels is aligned with the nature of the research grant calls. Where appropriate, these panels would include reviewers with relevant industry experience so as to enable rigorous evaluation of research proposals for both scientific merit and potential industry impact.”
“Singapore's Research, Innovation and Enterprise (RIE) investments involve close collaboration among the National Research Foundation (NRF), Government agencies and RIE ecosystem stakeholders. These investments include, RIE programmes supported by the National Research Fund that are administered by NRF and other Government agencies. As at end-FY2023, around 50% of RIE2025 National Research Fund grants are directly administered by NRF. Government agencies evaluate research grant applications based on the respective RIE programme's approved eligibility and evaluation criteria. The evaluation processes for technical proposals generally incorporate reviews by experts in the relevant field, such as international peer reviewers or technical evaluation panel members, to support the decision-making of Government agencies' funding. NRF regularly reviews RIE grant administration modalities, including studying overseas models, such as the Advanced Research Projects Agencies (ARPA). ARPA-like models require a strong cadre of expert programme managers and leadership driving the programmes towards specific goals that are often higher-risk or ambitious in nature. We will continue to review where such models are appropriate in Singapore's context and deploy such models if useful.”
“Mr Speaker, Sir, I would like to thank Member Ms Denise Phua for her comments because her comments reminded me of the tagline that I always said when I was in MOE – that you can learn from anyone, anytime, anywhere. In fact, peer learning is a very important aspect of that learning. In short, it is really about an attitude towards learning, that we must inculcate this interest and passion to learn, and learn throughout your lives. It is not about the take-up rate and not about the courses, it is not about putting up more of these. Because a lot of the infrastructure and a lot of the courses are already there. It is not a question of why do you not do more of this or more of that. I think we can all focus on how we encourage everyone, young and old, to learn something and you can learn from anywhere. It does not mean you must take a formal course.”
“Assoc Prof Jamus Lim, you do not need an invitation. You are free to provide your suggestion. After all, are you not from WP? And by the way, let me make it clear that I have heard MPs on both aisles speaking about workers, and we have a very strong presence of our union MPs here and they will be speaking even more on this. So, we all care about Singaporeans, and we want to do the best for them. So, you are welcome to give me your ideas, if you have very specific ones. But let me say that I would have to consider it, together with all the other good ideas. But good ideas are always welcomed. And I am just waiting for them.”
“Speaker, I remember Mr Gerald Giam's question is whether it can be expanded for other areas in a more appropriate way. This is certainly an area which the Ministry of Education (MOE) and MOM will be happy to consider if you have specific good suggestions about exactly how it can be used. I have tried to sketch out what different people are doing – from the company training committees of NTUC to what the IHLs are doing. I suggested to all Members earlier to take a look at the websites of our universities and polytechnics, and they can see the range of courses that people can undertake and, with the SkillsFuture Level-Up Programme, there are even more courses that they can undertake. For workers who need help, support and encouragement, we should all do our best to encourage them. That is why WSG and SkillsFuture Singapore have been mounting lots of programmes to reach out to residents, not only in trying to get a job, but also, my residents are asking, what are the courses they can do? I myself have participated in many of those outreach programmes and I must say that the response of many of our workers, including senior ones, is very encouraging. You are right that training is not everything. It is one aspect of it. You need a collective effort, including by the managers and owners of businesses, to say, "I am going to take training seriously, but more importantly, not just training for its own sake, but how training can be translated into better job performance. And therefore, we can have productivity growth and I can reward my workers better".”
“It is very good, in my view, that we are able to achieve this progress over time. And, in fact, instead of saying, "Oh, I am skeptical, I am pessimistic", if the Member has good suggestions on how we can do this better, play a constructive role, because with his professorship, he would know this well – play a constructive role, be a part of the team. We have so many members of the academia who are working with us and giving us excellent ideas. So, if the Member has great suggestions, I am open to considering.”
“Mr Speaker, Sir, I hope that Assoc Prof Jamus Lim is not a pessimist, because the Member said that the take-up rate is low and so on. You can look at it as a glass half empty or glass half full. Name me a country which has started such an extensive SkillsFuture framework. I was the Education Minister for five years. Our students have done so well and now, our older workers are working hard to learn new skills. Name me a country where the NTUC is not only accepting change, but is embracing change and being a partner for change, in working on the Company Training Committee, in working with companies to do, not just training, but surprisingly, opstech roadmapping. They were trained by researchers from A*STAR to look at how companies can adopt technology and, in the process of adopting technology, how jobs can be redesigned and reskilled, so that workers can take on better jobs, with this huge amount of SkillsFuture funding and the range of courses. I think the Education Minister and the Minister for Manpower will speak more on this later. So, we will have to take a different approach for different groups of workers. For those who are able to take ownership and do the courses on their own, who want to change their jobs, there is a range of options available. There are many companies that are taking action to redesign their workflow. I have been working very closely with the Singapore Business Federation (SBF) and that is why I mentioned earlier that the SBF has also set up an AfA on business leadership development. I have met the team who are doing this and, in fact, they are making very good progress. So, we have got to upskill everybody at all levels, including the CEOs of companies, to embrace change.”
“Secondly, one other very important thing the Member must bear in mind is that AI is a very rapidly developing field and it is something which our researchers are working hard on, to look at the different techniques of AI – it is not just GenAI, but the whole range of different AI systems that are being used – and how that can be used in conjunction with our needs. So, understanding what the real needs are and what you can serve, what are the safeguards that we need to put in place to ensure its proper use and how to put this together in a way that advances not just R&D work, but also the reskilling of workers, has to be done in an integrated way, and not in bits and pieces.”
“I thank the Member for the question. In the first place, there are already a range of courses and, as I have said, when we look at the industry transformation and the workers' needs, what is very important is to ensure that the training and the utilisation of the skills are done in tandem. It is very good that workers are taking ownership of this training to upgrade themselves, but the impact will be even greater if they work together with the companies. Which is why I mentioned in my example of how the NTUC is working with the company to do operations and technology (opstech) roadmapping, to do transformation and, in tandem, work on the redesign of jobs and the reskilling of workforce. And it is not just in AI. It is in every domain of the technology that we want to make use of, that we want the society which is a lot more digitalised. If you remember, even for our digital payment system, during the COVID-19 pandemic, we rolled out the CDC Voucher scheme, for which the Mayors came out with the idea. Later on, we moved to digital vouchers. Huge efforts were put in by our agencies to train our hawkers to install these devices and to learn how to use it. Just last evening, I was talking to a group of my residents during the Meet-the-People session, about what they were doing and how they were learning to use this. And everyone expressed appreciation. So, our approach, whether it is the use of AI, the use of mRNA technology the use of simple digitalisation tools, has been an inclusive one. That is, we look at what needs to be done and deploy the right tool for the right task, and not just AI.”
“But I have laid out the strong basis for my optimism that a small and open economy like Singapore can continue to thrive and secure our next bound of growth. By serving as a trusted node and connector, we can create value by facilitating connections and building new linkages in today's fractured global landscape. We can offer a strong innovation ecosystem with leading capabilities, talent and companies, making Singapore an ideal base to grow and build new ventures. And with tripartism fuelling our collective transformative capacity, Singapore and Singaporeans can remain well-placed to partner others and seize new opportunities with confidence. This is how we can continue to keep our economy innovative and vibrant, and build a better Singapore with opportunities for all. [Applause.]”
“What heartens me is that our business leaders and employees are aware of the importance of transformation and skills upgrading, and act proactively. Secondly, we must continue to strengthen our RIE ecosystem. This will allow us to consolidate our momentum in key economic sectors and enhance the competitiveness of local enterprises. In a conducive environment for innovation and business, leading companies can expand their operations here, enabling us to attract more investors and startups to develop in our country, creating better jobs and opportunities for our people. Thirdly, we must strengthen international connection and cooperation to consolidate Singapore's position as a Global-Asia node for technology, innovation and enterprise. Therefore, in the current trend of global instability and a slowdown in international cooperation, we should uphold our consistent approach and continue to strengthen international cooperation, allowing international partners to recognise that Singapore is a reliable partner and giving businesses the confidence to invest here. Mr Speaker, Sir, since our Independence, our forefathers have overcome various challenges and painstakingly built today's Singapore. Whenever we face difficulties, we will unite and seek new paths forward. Therefore, even in the face of current challenges, I believe that Singapore's future is still bright. Because I am confident that we can unite and move forward together to build a better Singapore for our people and our future generations. (In English): Let me now conclude in English. Mr Speaker, Sir, the world may be more difficult and our domestic constraints may be more challenging.”
“It is about deepening linkages across our innovation ecosystem and connecting with other ecosystems and stakeholders, so that we can harness science and technology to find solutions to global challenges and unlock economic value. And beyond that, it is about leveraging our trusted reputation and extensive networks to encourage like-minded partners to grow in Singapore, through Singapore and with Singapore. Mr Speaker, Sir, let me now say a few words in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Since the founding of our nation, Singapore's economy has developed rapidly. Besides the relentless efforts of our people, maintaining economic openness, promoting trade and attracting foreign investment have also been key to our success. Today, the global situation is unstable. Contestation between major nations, wars and disruption to the global supply chain and other factors have cast a shadow over the economic outlook. Many Singaporeans are concerned. Will our economy continue to thrive, and will Singapore continue to prosper? My answer is: I am very certain that Singapore can achieve this. To continue promoting economic growth, we must continuously increase productivity, facilitate economic transformation, strengthen the innovation ecosystem and enhance international connections and cooperation, leading Singapore forward through a multi-pronged approach. Firstly, we will continue to drive economic transformation to better respond to the changing economic landscape. In 2017, we established the Future Economic Council and formulated the ITMs, which has enabled our economy to maintain a steady momentum in the face of challenges in recent years.”
“We have 27 Free Trade Agreements (FTAs) in force, 42 International Investment Agreements and around 100 avoidance of double taxation agreements, and we have since innovated and evolved new forms of cooperation, such as the four Digital Economy Agreements. We have also strengthened connections to innovation nodes around the world through our Global Innovation Alliance. Our 21 nodes across Asia Pacific, Europe and the US facilitate Singapore-based enterprises to explore new markets and reap synergies. Thus, even as the rhetoric grows and cooperation slow, businesses and countries know that Singapore continues to be a constructive and neutral location for business, innovation and talent. This is how the Economic Development Board (EDB) has, over the past two years, managed to secure investment commitments, which are above its medium- to long-term goals. The 2023 commitments are expected to create over 20,000 jobs, with a projected contribution of $26.7 billion in value-added per annum. And this is why Singapore is home to some 37,000 international companies and 7,000 MNEs, many of which use Singapore as their regional headquarters. Singapore continues to be among the largest sources of foreign investments into China and India, reflecting our value as a gateway for companies to explore opportunities there as well as in ASEAN. We must, therefore, lean in to foster greater connection and collaboration at all levels. Domestically, it is about fostering co-ownership and leadership through the ITMs and our ongoing transformation efforts so that our industries, companies and workers are empowered and confident as they ride through new waves of change.”
“Our IHLs and research institutes must continue to invest in basic research and building up world-class capabilities, while also linking up with the industry to translate peaks of excellence into viable commercial products. We must continue to encourage our local enterprises to innovate and tap on larger local companies and MNEs to scale up and grow. The goal is for them to be key regional or global players in their own right, providing solutions that the market seeks. By developing a stronger innovation ecosystem, we create a conducive environment for leading local and global companies to deepen their presence here and attract global funders and startups to be a part of our ecosystem. And in so doing, we sustain a virtuous cycle of creating more opportunities for Singaporeans and for Singapore. This brings me to my final point. Given today's contested and uncertain world, Singapore must deepen our standing as a Global-Asia node for technology, innovation and enterprise to create new value for ourselves, the region and the world. Singapore is an outward-looking nation by necessity. It plays out in the way we build transformative capacity across different sectors and stakeholders and shape a strong RIE ecosystem that brings together the strengths of domestic and external stakeholders. These two elements reinforce our reputation as a trusted connector and node and our value add in a more volatile and uncertain world. Our robust regulatory and legal frameworks are longstanding strengths that provide the confidence that Singapore is a trusted and reliable partner. We have built up strong connections to the region and the world through our extensive set of agreements.”
“Lion TCR, which develops new cancer immunotherapy products to treat life-threatening viral-related cancers in Asia, is one example. With the support of two scientists from the A*STAR Singapore Immunology Network, Dr Wai Lu-En and Dr Sarene Koh, Lion TCR's R&D efforts enabled its product offerings to be more cost-effective than current options and also improved its production efficiency. This has fueled Lion TCR's business growth and contributed to the company's global expansion. For innovative local enterprises, joining up with larger companies provides opportunities to capture a steady stream of business and upgrade their innovative capacities. The aerospace industry is one such example. We just had the Airshow and top global companies, like RTX and Rolls Royce, have chosen to anchor in Singapore to tap on our strong base of precision engineering companies. Avionics companies, like Thales, are also having a deep presence in Singapore. Under the enhanced Partnerships for Capability Transformation Scheme that was announced at Budget, SMEs can partner larger companies to scale up and go overseas. And this is how we overcome our constraints of a small, domestic market. This is also a win for larger companies which can tap on the innovative capacities of the smaller companies to stay ahead of the competition. The RIE ecosystem is wide-ranging with numerous players. For it to work well and result in tangible outcomes for Singapore and Singaporeans, we must invest in the different domains while weaving them together intentionally to build strong and reinforcing connections.”
“In the area of deep tech, where innovation output is potentially high impact, but the process is lengthy and high-risk, we are doing more to support venture building, complementing efforts by the private sector. The objective is to support deep tech startups in overcoming technical, financial and market challenges while accelerating their growth. NUS' Graduate Research Innovation Programme and NTU's Innovation and Entrepreneurship initiatives are just two platforms to do this. Both universities recently partnered Xora Innovation to pilot the launch of deep tech startups that are globally competitive and can address large global market opportunities. Amperesand, the first deep tech startup supported under this partnership, has already raised over US$12 million in seed funding to scale up its solid-state transformer technology for the fast charging of electric vehicles. Amperesand plans to deliver their first systems worldwide by 2025. We are also supporting our enterprises, especially SMEs, to engage and participate in R&D, innovation and capability development activities. Our SMEs need not worry about their lack of scale, as they can tap on the research expertise and resources of our polytechnics to support them in their innovation journeys. There are 12 Centres of Innovation, covering sectors like aquaculture, built environment and electronics. The Enterprise Innovation Scheme provides tax deduction and allowances on qualifying expenditures like R&D, intellectual property (IP) registration, IP rights acquisition, training and innovation projects with our IHLs. The Technology for Enterprise Capability Upgrading (T-UP) Programme supports pioneering SMEs in developing innovative products and processes by seconding public research scientists and engineers.”
“We want to foster a generation of entrepreneurial youth and there are opportunities, such as the National University of Singapore (NUS) Overseas College and the Nanyang Technological University (NTU) Overseas Entrepreneurship Programme, to provide exposure to our students. Patsnap, one of our homegrown unicorns, is a product of such efforts. Co-founder Jeffrey Tiong first developed the idea of building a patent and technical intelligence search engine during his NUS Overseas College internship in Bio Valley in Philadelphia. Today, Patsnap has more than 12,000 customers in over 50 countries. For our researchers, the opportunity to work with other global researchers is a valuable one. Through our Campus for Research Excellence and Technological Enterprise (CREATE), we are convening groups of top researchers from partner universities and local institutions to address complex interdisciplinary challenges in fields like urban planning and climate change. We have more than 20 corporate laboratories, such as Applied Materials' partnership with the Agency for Science, Technology and Research (A*STAR) and NUS, which is geared towards Advanced Packaging and Advanced Materials research for the semiconductor industry. It is especially heartening that Nanofilm, a nanotechnology unicorn spun off from NTU, recently set up a corporate lab there in NTU. We hope to encourage more of such examples, to inspire our students to strengthen our ecosystem. We also have the Industrial Postgraduate Programme where students do full-time postgraduate studies while undertaking an industrial R&D project at participating companies to help them gain industry-relevant R&D skills.”
“Singapore is ranked fifth in the 2023 Global Innovation Index, and the top in Asia. Many MNEs have chosen to site their research and development (R&D) and innovation centres in Singapore. Total business expenditure on R&D has grown significantly over the past decade, on par with GDP growth. We also attract global startups, funders and founders to Singapore through a vibrant slate of events, from the Singapore Week of Innovation and Technology (SWITCH) to the Lee Kuan Yew Global Business Plan Competition. We have done well on innovation input. Our institutions and researchers have developed strong niches in areas like biomed, quantum and material sciences. We must now press on and continue to strengthen commercialisation and translational capabilities, to produce more “output” and capture value amid shortening innovation cycles and intensifying competition. mRNA technology, the basis of COVID-19 vaccines, is a very good example. While the scientific research had begun in the 1970s, it was only in the 2010s that drug companies saw the potential in nucleic acid therapies and invested in translating the science into therapeutics. This was how they were able to develop effective vaccines within such a short time span. With such a long gestation period, it is important that we proactively shape and grow the ecosystem with other RIE stakeholders, including global companies, startups and funders. Even as we continue to attract the right companies and stakeholders to grow our ecosystem, we can do more to deepen the innovation capacity of our students, researchers and enterprises.”
“The objective is to establish winning advantages in key economic sectors to strengthen Singapore’s position, uplift our local companies as well as create good jobs and opportunities for Singaporeans. To achieve this, the Government must work closely with our RIE stakeholders – researchers, IHLs, startups, local companies and multinational enterprises – to co-fund and grow the ecosystem. This requires proactive shaping and patient investment. Given our inherent small size, we need to develop our local researchers and nurture our enterprises and startups while also attracting leading global companies and top research and entrepreneurial talent to form a strong ecosystem. Many Members have earlier spoken about AI, and I would like to add that AI is one form of deep tech. There are many other forms of deep tech, and our biomedical sciences industry is a good illustration of this. Biomed is a deep tech area where scientific expertise is critical but the impact may not be immediately apparent. Over the past two decades, we had steadily built up the ecosystem of researchers, companies and a skilled workforce. When COVID-19 hit, these capabilities enabled us to contribute to the global fight, including the development of diagnostic tests. This patient investment has also nurtured Singapore startups, like MiRXES and Lucence, whose groundbreaking solutions are making good progress in their next phase of development in large overseas markets like the US. As such, the additional S$3 billion injection to our 2025 RIE plan, announced at Budget by Deputy Prime Minister Lawrence Wong, is a timely one, as we seek to deepen capabilities in new growth areas like AI, sustainability and advanced manufacturing. Our efforts are going well.”
“This is something that the ITMs take into account so that industries and companies can remain competitive and ahead of the curve. Mr Christopher de Souza earlier had spoken at length on AI, in particular, generative AI, and so did Dr Tan Wu Meng earlier. For Singapore, technologies, such as AI and automation, augment our human resources and if we learn how to use this well, AI can be our augmented intelligence, as the Member mentioned earlier. So, we should think hard about how the future of jobs and skills will be transformed with automation and AI and, in turn, how we can restructure our work and reskill our workers proactively to take advantage of these changes. Singapore’s next bound of growth must be powered by an economy that is technology-intensive, innovation-driven and sustainability-focused and provide good jobs for our workers. How do we achieve this? First, to capture new opportunities, we must be at the forefront of understanding, discovering and translating science and technology to advance existing key economic sectors while building capabilities for new economic drivers of the future; researchers in our universities and research institutes to generate the body of basic scientific insights; companies and startups to translate these insights or discoveries into innovations and solutions that can be applied to industry needs or market demands; and finally, the right training and support for workers to take on new jobs created by these opportunities, which I had spoken about earlier. This value chain is what we call the research, innovation and enterprise (RIE) ecosystem.”
“Most importantly, we should be proud that our workers are taking ownership of their lifelong learning journeys and career development. Some 192,000 Singaporeans utilised their SkillsFuture credits in 2022 for self-initiated learning. This is encouraging. Going forward, mid-career Singaporeans can use the new SkillsFuture Level-Up programme, with advisory and support from our agencies, unions and industry, to further their knowledge, skills and careers. This complements ongoing efforts to create pathways for continuous learning and upgrading through our Institutes of Higher Learning, often in the form of stackable micro-credentials, to build industry-relevant skills. In fact, I would encourage colleagues to look at the websites of all our universities to see the range of programmes that they have. And, as Mr Darryl David said yesterday, we must strengthen the linkages of our Institutes of Higher Learning (IHLs), businesses and unions further. Taken together, Singapore’s approach to transformation is a proactive and collaborative one involving different stakeholders. This is unusual and enviable, as it enables us to build capacity and capabilities not just in certain pockets, but across the board. This is how we ensure that the opportunities and benefits arising from transformation can be shared by all, and Singapore grows in an inclusive manner. I have spoken about how we are sustaining our transformation movement, through implementing the ITMs and strengthening collective ownership across different stakeholders. Let me now turn to another aspect of our next phase of our transformation. I earlier mentioned how technology and innovation are reshaping competitiveness across industries and economies.”
“Over the past five years, NTUC has worked with nearly 2,000 companies through the company training committees (CTC). Through ops-tech roadmapping or operations technology roadmaps and skills gaps analysis, these committees helped to uplift companies’ organisational capabilities and improve work prospects for their staff. Think about it. It is highly commendable that NTUC is not fearing technology, not fearing how technology will displace the workers, but is actually taking concrete action to uplift workers with technology, and this will become even more important as technology advances and more of our workers grow older. So, I hope that this House will embrace this same spirit when Members are debating the importance of technology. One company which benefited from such a committee was Elitez Group, which provides human resource solutions. Partnering the Food, Drinks and Allied Workers Union, Elitez Group tapped on the CTC grant to implement two business transformation projects. These enhanced productivity and freed up capacity for its staff to be trained in higher-value tasks. As a result, 15 of their senior and professional workers were upskilled and received wage increments. A small step, but a big lesson for everyone. It is also heartening to see larger companies serve as “SkillsFuture Queen Bees”, leaning forward to help other companies within their industries transform. For example, our logistics industry comprises many SMEs and is highly fragmented. ST Logistics, as the appointed SkillsFuture Queen Bee, shared its expertise and provided guidance on workforce transformation to smaller companies. In doing this, we upgrade not just individual companies, but tap on the broader ecosystem to achieve synergies and grow together.”
“One change which I observed, which we must build upon and expand, is how we have evolved our tripartism towards co-ownership and leadership. For instance, we convened the Emerging Stronger Taskforce at the height of the COVID-19 pandemic to explore how Singapore could rebound stronger. A key idea of the task force is the Alliance for Action (AfA), which mobilised private and public sector leadership to tackle specific, high-impact issues. We have launched several AfAs. For example, the Singapore Business Federation and leading business leaders proposed an AfA on business leadership development. This AfA put together a concrete set of initiatives to grow our local timber and groom global-ready talent. Another AfA, on supply chain digitalisation, led to the establishment of the Singapore Trade Data Exchange (SG TraDex), a common data infrastructure that enables the trusted sharing of data across the trade ecosystem. This has grown more pertinent with the supply chain disruptions that we are now experiencing from geopolitical unrest. So, I thank members of the Emerging Stronger Taskforce and Minister Desmond Lee and Mr Tan Chong Ming for co-leading the task force. Our TACs also helped their members navigate challenges and seize new opportunities. During the COVID-19 period, our Chinese, Indian and Malay Chambers of Commerce and Industry encouraged and supported SMEs to digitalise, both to ride out the pandemic and to position themselves well once business resumed. The National Trades Union Congress (NTUC) has been a significant leader in transformation. In line with its commitment that “Every Worker Matters”, NTUC has gone beyond the traditional notion of unions by partnering companies to transform and provide better prospects for their workers.”
“While the efforts will take time to bear fruits, the indicators, so far, are positive. Even amid structural shifts and sharp shocks from the COVID-19 pandemic, our economy has performed well and enabled us to grow the economic pie for all Singaporeans. Between 2016 and 2023, our economy achieved real value-added growth of 2.8% per annum. In the same period, our productivity growth, in terms of real value-add per worker, was 1.7% per annum. This is stronger than that of advanced economies like South Korea, the US, the UK, Germany and Switzerland. With these productivity gains, businesses were also better able to cope with the inevitable cost increases. Incomes rose as our economy and productivity grew. The median income of full-time residents grew at 1.5% per annum in real terms from 2016 to 2023. We will release a fuller report of the ITM efforts in a few months' time. We have been able to sustain this transformation and achieve good outcomes because of our unique approach to tripartism. This productive collaborative relationship between employers, workers and the Government enables us to shape transformation and growth to be fair and inclusive. It is a very precious asset to keep Singapore dynamic and harmonious. In a world that is more fast-moving and complex, working in concert is even more important now so that we can harness one another's strengths to move forward faster and together. Transformation must be a sustained movement. Like any successful movement, it draws strength from the trust and confidence of each stakeholder to collaborate. I thank our many leaders in the business sector, unions, TACs and academia for their contributions.”
“The process involved 23 industries each identifying trends, challenges and opportunities they faced, then developing strategies to enhance productivity; restructure jobs and reskill workers; strengthen innovation; and internationalise. The ITMs represent a more mission-focused and industry-driven approach to tripartism, where our Government agencies collaborated with businesses and trade associations and chambers (TACs), while our unions worked with companies to support workers' reskilling and enterprise upgrading. Through the ITM process, stakeholders across each industry built trust, identified synergies and shared resources and experiences. In so doing, they supported one another towards the shared goal of ensuring that their industry, enterprises and workers remained relevant and competitive. In 2021, the ITMs were refreshed to take into account post-COVID-19 realities, including the importance of resilience and sustainability. This shared ownership of transformation is critical in today's world of accelerated changes and shifts, as it affords greater agility in our responses. Government plans and programmes will remain important, but when enterprises and workers embrace transformation, they can be at the forefront of seizing opportunities. In some countries, transformation invokes anxiety and trepidation as it is associated with job loss or companies being forced out of business. In contrast, our 2023 National Business Survey showed that almost all businesses polled recognise the importance of business transformation, up from 61% in 2017. Our workers are not only aware of the need to upskill and reskill, but have also taken action. Our overall annual participation in SkillsFuture initiatives has increased from 380,000 people in 2016 to 560,000 people in 2022.”
“And even as we invest in strengthening productivity, such as growing depth in certain industries, it is impossible to match the scale and size of larger economies. Put together, these sound pessimistic, but I am, in fact, upbeat about Singapore's prospects. Overcoming challenges and finding new opportunities has been in our DNA since Independence. Each time when the odds were against us, we rallied together to find new ways forward. Our economy managed to chalk up growth of 5% in the 2010s, even as labour force growth slowed to 2.1% per annum. Our sound monetary and fiscal policies have enabled us to stabilise our economy through various economic cycles. They also provided the confidence for long-term planning by companies and households, and ensured sustainable economic growth. To continue growing the economy, we need structural policies to drive productivity-driven growth and take Singapore forward. We must continue to undertake and intensify our restructuring along three prongs. First, our economic transformation movement has achieved steady momentum. To sustain this, there must be shared ownership and leadership in the coming years. Second, we are shaping and strengthening our innovation ecosystem to enable high value, cutting-edge work to be done in Singapore. Third, we must lean in to foster greater connection and collaboration and strengthen Singapore’s standing as a Global-Asia node for technology, innovation and enterprise. First, on transformation. When the Future Economy Council was formed in 2017, a key piece of work it embarked on was the Industry Transformation Maps (ITMs). The ITMs were not merely about developing plans to be executed. The process of doing so was equally, if not more, important.”
“As a small and open economy, Singapore depends on our connections to the region and the world to grow and thrive. Today, the external environment is more difficult. While globalisation over the past three decades has brought great benefits and progress, the mood has since shifted from collaboration to competition. This is, in part, driven by technological innovations, including automation and AI, which are reshaping jobs and competitiveness across industries and countries. Some major economies have turned more protectionist and insular and even adopted industrial policy to support strategic industries. "Friend shoring" and "de-risking" are quoted as strategies to strengthen resilience. These have reconfigured economic linkages and global supply chains. From globalisation anchored in economic competitive advantage, we are now seeing fragmentations based on political alignment. This, together with the recent upsurge in geopolitical unrest, has brought new uncertainties. Internally, our domestic environment is also more challenging. Singapore's economic structure is now closer to that of a mature economy. The days of "catch up" growth are over and our resource constraints – labour, land and carbon – are becoming biting. Economic growth is the sum of labour force growth and productivity growth. But with our ageing demographics, the local labour force growth is shrinking quickly towards zero. So, we must therefore find ways to double down on productivity-driven growth. But this too, is hard. Many advanced economies have only managed to achieve average real value-added per worker growth of less than 1% per annum over the past decade.”
“Mr Speaker, Sir, first, let me thank the Leader and all Members of this House for giving your assent for me to give a very long speech. I hope that your patience will pay off in that you will enjoy your lunch when you are much hungrier. I rise in support of the Budget, which lays out a confident path forward for Singapore, as our domestic and global environments change. I would like to focus on one aspect of the Budget Statement, growing the economy, which is one key part of Deputy Prime Minister Lawrence Wong's Forward Singapore Movement. The global economy goes through cycles and we are currently facing a slow growth, high inflation environment. This year’s Budget, including the Enterprise Support Package and enhanced Assurance Package, is comprehensive and includes good support for companies and households to tackle immediate challenges. We also face sharp shocks to the economy from time to time, most recently with the COVID-19 pandemic. Colleagues would remember the five Budgets that we had to approve in 2020. Responsive monetary and fiscal policies can provide stabilisation through the cycles and shocks to ensure that we do not fall into a deep hole. But in order to grow our economy for the long term and to grow sustainably, we need to embark on structural changes, structural policies which would transform our economy. Only then can we create good opportunities for Singaporeans and generate the resources for uplifting our people. Such structural policies include what Ms Denise Phua said of the potentially game-changing investments to support and uplift workers, a theme which many of you have also spoken on. So, growth is important, but it is also getting harder to achieve because of both internal and external factors.”
“The Government is committed to fund investments in Research, Innovation and Enterprise (RIE) through economic cycles. Resources are regularly allocated to ensure sustained and assured funding for ongoing and new RIE programmes over the long term. This includes RIE programmes supported by the National Research Fund, such as the Competitive Research Programme and the Campus for Research Excellence and Technological Enterprise (CREATE) Programmes, where funding is disbursed over a number of years. The top-up of S$0.9 billion to the National Research Fund was made in FY2022, for the year ended 31 March 2023. The increase in disbursements from RIE2025 was partially offset by the decrease in disbursements from a previous RIE tranche, resulting in a relatively small increment for total disbursements from FY2021 to FY2022. Nevertheless, the total disbursement in FY2022 was S$0.66 billion and we expect to be on track to spend the total budget committed towards our RIE programmes. The 11-fold increase in disbursements for Manpower Horizontal from S$1.2 million in FY2021 to S$13.8 million in FY2022 was mainly due to the RIE SGUnited Jobs programme, which contributed to about 80% of the increase in disbursements. The RIE SGUnited Jobs programme provided two-year RIE-related training opportunities at NUS, NTU and A*STAR for jobseekers during COVID-19. It was open to hiring in FY2020 and FY2021, with most of the trainee claims disbursed in FY2022. As hiring ceased in FY2021, disbursements related to the programme will taper off as well, after all claims have been checked and paid.”
“In the coming years, securing our future will require us to continue transforming our economy and creating new opportunities for our people. We must continue to have this spirit of pushing our frontiers, to harness technology and innovation to improve the lives of Singaporeans. We must take care of the most vulnerable segments of our society, while ensuring that our broad middle continue to see improvements in their lives. Most importantly, we must continue to build on the foundation of our national pledge – "regardless of race, language or religion" – to stay united in this contested world while deepening connections with people around the world. This way, Singapore and Singaporeans will stay relevant and useful to the world, and stay united and successful. Mr Speaker, Sir, I support the Motion. [Applause.]”
“On the other hand, when some foreign workers and their family members do not fully assimilate into our society or do not adapt to our social norms, this could result in conflicts with Singaporeans. I understand that Singaporeans are worried and concerned about these issues. The Government has fine-tuned its policies. We have stipulated specific requirements to address the quality of foreign talents and to prevent concentration in certain sectors. The Government is also doing more to develop and train Singaporeans to enhance their competitiveness. At the same time, I would like to encourage foreign talents and new immigrants. As long as you are determined to make Singapore your home, put in effort to assimilate and contribute to our Singapore society and build a sense of belonging, you will be one of us. Only then, can the Singapore society remain cohesive and our people united, with everyone working together for the prosperity and progress of our nation. An open and diverse Singapore society allows us to connect with the rest of the world. This is unique to Singapore. Only when our society remains open and diverse, can Singapore continue to embody our values and shine internationally. (In English): Let me conclude in English. Mr Speaker, Sir, as we debated the Motion of thanks these past few days, I am struck by the President's reminder to this House of our responsibility to steward Singapore for the next generations, just as previous generations have done for us. I started this speech with a story of a venture capitalist who described Mr Lee Kuan Yew as "the ultimate entrepreneur", for building a nation out of a colonial outpost. Since our Independence, we have navigated major changes well and innovated in many areas.”
“Conviction and values remain fundamental when we consider newcomers who seek to be a part of Singapore. If there are those who share in our convictions and values, let us encourage them to contribute and invite them to grow Singapore together. Many already are and we will further nurture the philanthropy ecosystem. At the same time, having developed a set of norms and behaviours that is precious to us, we should set out these expectations and exhort newcomers seeking to sink roots in Singapore to adapt to these norms and behaviours. On the part of Singaporeans born and raised here, we must have the patience and empathy to help newcomers settle in and integrate better. This is how we can remain open yet cohesive as a society; open-minded yet proud of our Singapore identity; and successful as a nation and a people. Mr Speaker, Sir, let me say a few words in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Since our nation's independence, openness and diversity have been critical to Singapore's success. Today, Singapore's ability to stand firm in a volatile world depends on how open-minded we are. To create a bigger stage for Singapore, first, we need to fully develop local talents. At the same time, we must continue to attract the best companies and the best talents. Foreign talents and the local labour workforce complement each other. When we attract high quality companies to set up shop here, we can create more jobs for Singaporeans. But foreigners could also compete with local workers. When local workers could not secure job offers or lose out on promotions, they might feel unfairly treated.”
“The value of being a Singaporean will rise if we remain dynamic, outward-looking and effective in building connections with people around the world. We must continue to encourage Singaporeans to venture out and to integrate the foreigners who are studying and working here, so that we can draw energy and capabilities from diverse sources. Let me repeat that. The value of being a Singaporean will rise, if we remain dynamic, outward-looking and effective in building connections with people around the world. We must continue to encourage Singaporeans to venture out and to integrate the foreigners who are studying and working here, so that we can draw energy and capabilities from diverse sources. At the same time, we must recognise that when the old encounters the new, this could spark off both opportunities and friction. While we pursue opportunities, we must also address frictions. Growing up in Singapore with fellow Singaporeans, we have developed a certain set of norms and behaviours. New citizens, PRs and work pass holders will likewise bring different sets of norms and behaviours. It may be uncomfortable experiencing these differences when we encounter newcomers. We may also be concerned about wealth inequality, more severe competition for jobs, or even unfair workplace practices. These are issues that the Government is addressing, by adjusting our policies, strengthening our frameworks and developing Singaporeans fully. Our commitment to openness remains unchanged, but we, too, can refine our approach to openness to ensure that it is fit for the times. Mr S Rajaratnam, in the early days of nationhood, said that "being a Singaporean is not a matter of ancestry, it is a conviction and choice".”
“An open mindset and eagerness to venture beyond our shores enables Singaporeans to capture opportunities in the region and beyond. We must continually think about how Singapore and Singaporeans can be relevant and useful, and what special role we can play. Our value proposition is building connections across cultures and economies, and we must strengthen this. Openness is not new to Singapore. It is, in fact, core to our identity and values. Our plural, multiracial society reflects this open-mindedness. We chose to organise ourselves to ensure opportunities for all, regardless of race, language or religion. Just a few minutes earlier, we heard from Mr Sitoh Yih Pin a very moving account of his personal experience as a young student. It is an extraordinary principle, as the eminent historian Prof Wang Gungwu pointed out. Singapore, Prof Wang said, is the only nation that he knows of where the majority accepted that they had to treat everyone as equal and that a plural society was the foundation of her nationhood. This open-mindedness, coupled with our stable environment and strong governance, no doubt has resonance in today's more fractured and fractious world. I am happy to see many of our people, especially our youths, venturing abroad. Our Global Innovation Alliance – a network of 17 innovation hotspots around the world – has enabled our entrepreneurs to incubate their ideas and find partners overseas. Many local companies are also internationalising and finding success overseas. Our companies tap on their diverse workforce to navigate foreign markets. This spirit of adventure and entrepreneurship in our people is commendable.”
“It also complements ongoing efforts at the industry level to develop Singaporeans, including ongoing efforts by the Singapore Business Federation. And there is scope to partner companies to develop Singaporeans for regional and global leadership roles. What does success look like when we put the efforts to develop our economy and our people together? Let me cite two concrete examples. In our universities and research institutes, we have top academics and scientists working alongside Singaporeans who studied in the best universities in the world. This builds a strong ecosystem that attracts collaboration with the best researchers and universities. Our students benefit because they get to learn from top professors, interact with peers from all over the world and strengthen their cross-cultural skills. Overseas, we are seeing enterprising Singaporeans and Singapore companies chasing opportunities and building new partnerships. When I visited Ho Chi Minh City last year, I met a startup formed by a young Singaporean and his Vietnamese friend. They had studied together in Singapore, and the both of them gamely ventured forth, the Singaporean staying in Singapore to run the business operations, and the Vietnamese in Vietnam, running the IT operations. These two examples illustrate the final point I would like to raise, that is, for Singapore to continue thriving, Government-led efforts to deepen collaboration, be it in free trade, investments or research, is not enough. To reap the full benefit of these collaborations, Singapore and Singaporeans must remain not just open and connected, but relevant and useful. Remaining open in this era of contestation enables Singapore to capture new value and flows and strengthen our capabilities.”