Support for firms to adopt new tech like Al part of govt refresh of economic strategy

Employment Act will also be updated to better protect different groups of workers

- Samuel Devaraj Correspondent

The authorities will update the Employment Act to better protect different groups of workers as workplaces change and technology advances, while ensuring businesses can maintain flexibility.

Amid an increasingly fragmented and complex world, the Government also said it will help Singapore firms and workers seize new opportunities to stay globally competitive, and attract the trade, capital, talent and capabilities needed to thrive.

This includes leveraging new technology like artificial intelligence (AI) or exploring emerging markets in the digital and green economies.

The Ministry of Trade and Industry, Ministry of Manpower, Monetary Authority of Singapore and the National Research Foundation under the Prime Minister's Office outlined initiatives to refresh Singapore's economic blueprint on Sept 16 in their addenda to President Tharman Shanmugaratnam's address at the opening of Parliament.

Mr Tharman spoke on Sept 5 about securing inclusive growth that uplifts everyone, and where every citizen shares in the nation's prosperity.

Here are the highlights from the various addenda or public statements of the strategies:

MINISTRY OF TRADE AND INDUSTRY (MTI)

• MTI will position Singapore as a home to leading firms, a key global business hub and a vital connector in the global economy to foster growth and create good jobs for Singaporeans, said Deputy Prime Minister Gan Kim Yong, who is also Minister for Trade and Industry.

• The Singapore Economic Resilience Taskforce announced in April will support workers and businesses to navigate and respond to immediate challenges arising from increased tariffs, while the Economic Strategy Review announced in August will chart a forward-looking blueprint to better position Singapore's economy, businesses and workers in this new landscape.