Govt will continue to create good jobs for S'poreans: PM Wong

Singapore can navigate challenges even as entire global system is changing, he says

- Chin Soo Fang

Amid an uncertain global environment, tougher competition and economic realities, the Government will continue to create good jobs and opportunities for Singaporeans.

At the same time, Singapore will press on with industry transformation and keep an eye on its cost competitiveness, said Prime Minister Lawrence Wong in Parliament on Feb 28.

Rounding up the debate on Budget 2025, PM Wong spoke of how Singapore can navigate global challenges even as the entire global system is changing.

He noted that countries are focusing more on defence and security interests with zero-sum competition rather than win-win cooperation. These developments disadvantage small, open economies like Singapore.

The major powers do not want conflict, but are preparing for conflict, he said, noting that 20 years ago, China accounted for just 9 per cent of global manufacturing output, but today it accounts for one-third.

"So naturally, there's a huge attempt to rebuild manufacturing in America and Europe, and that's why competition for investments will only intensify," he said. "That's why we have to be prepared for tougher competition, and do what we can to stay in the game."

The National Productivity Fund will be topped up to give Singapore extra firepower to stay competitive and attract investments, he said. Steps are being taken to strengthen infrastructure and enhance Singapore's enterprise ecosystem and innovation and technology engines. These moves will translate eventually and ultimately into better jobs and better opportunities for all Singaporeans, he added.