More support for those vulnerable to tech disruptions, global competition

Singapore will step up support for businesses and workers in sectors that are more vulnerable to technological disruptions and global competition, such as general manufacturing, retail and logistics.

- Timothy Goh

This will be a key area of focus for one of the new committees formed to manage the impact of restructuring under the Economic Strategy Review, which replaces the third work stream of the Singapore Economic Resilience Taskforce—set up in April to review longer-term strategies for local firms amid tariff-induced trade tensions.

At a press conference on Aug 4, Minister of State for Home Affairs and Social and Family Development Goh Pei Ming said the Government will strengthen support for companies and help them tap new opportunities from global economic trends and mega projects.

"We will focus on sectors that are likely to face greater cost pressures, technological disruptions and global competition, and therefore be in greater need of restructuring," he said, adding that these sectors will include general manufacturing, retail and logistics.

He said the Government will also proactively support workers who are more susceptible to disruptions, such as professionals, managers and executives whose roles are affected by artificial intelligence (AI), and rank-and-file workers from sectors that are undergoing transformation and restructuring.

He is co-chairing this committee with Minister of State for Defence and National Trades Union Congress deputy secretary-general Desmond Choo.