S'pore must tap Al investment flows for growth over next decade: Jeffrey Siow

Economic Strategy Review to give final report, proposals by mid-2026

- Annabelle Liang Correspondent

(From left) Ms Jasmin Lau, Minister of State for Education and Digital Development and Information, and co-chair of the ESR Committee on Technology and Innovation, speaking at a dialogue with business leaders on Nov 19, with Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow; his co-chair for the Committee on Global Competitiveness, Senior Minister of State for Trade and Industry Low Yen Ling; and Mr Dinesh Vasu Dash, Minister of State for Manpower and Culture, Community and Youth, who is the co-chair of the Committee on Entrepreneurship. ST PHOTO: GIN TAY

(ST PHOTO: GIN TAY)

Singapore must find a way to capture investment flows in artificial intelligence (AI) to power its economic growth over the next decade, Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow said while giving an update on the Government's Economic Strategy Review (ESR).

He added that the five committees under the ESR aim to provide a midterm update during the annual debate on the Government's Budget in 2026, which traditionally takes place from end-February to early March.

The ESR will issue a final report with recommendations by mid-2026.

Mr Siow was speaking to the media after a closed-door session where three ESR committees engaged over 70 business leaders in a dialogue organised with the Singapore Business Federation (SBF) on Nov 19.

"It is very clear now that AI will be a fundamental driving force for the economy for the next five to 10 years.

"In Singapore, we have an opportunity to be at the frontier of global AI innovation," he said.