Singapore can compete on speed, ingenuity and trust: President Tharman

Old playbook no longer sufficient and economic strategies being refreshed, he says

- Chin Soo Fang

As global competition intensifies and major economies seek to reshore key investments, Singapore must adapt faster and innovate more boldly, said President Tharman Shanmugaratnam.

The Republic must also remain a safe harbor and a reliable base from which companies can navigate global complexities and access Asia's dynamism.

In doing so, Singapore can continue to have a strong economy, which is vital to generate the resources needed to secure its future and improve its people's lives, added Mr Tharman on Sept 5.

In his address at the opening of Singapore's 15th Parliament, Mr Tharman said the city-state's old playbook is no longer sufficient in a changed world, which is why work has already begun on refreshing its economic strategies.

Much effort will be required to restructure the country's industries and build deeper capabilities in every sector of the future, such as advanced manufacturing, information technology, finance, clean energy and sustainability, he added.

Beyond capabilities, Singapore must also foster an outgoing and experimental spirit among its enterprises and people, as this is the way to have leading firms and good jobs for Singaporeans, said Mr Tharman.