OUTLOOK AND PRIORITIES
Mr Png noted that more global businesses are looking outside traditional markets and operating bases for growth opportunities and stronger supply chain resilience.
Southeast Asia, in particular, has shown “brighter growth prospects”, and Singapore is “well positioned” to support companies that want to expand into the region, he added.
But the EDB chairman said that Singapore should be “clear-eyed” that they are operating in a different context from before.
Looking ahead, EDB said it expects continued intense global competition for investments. With structural shifts to the global business landscape, job creation will become more challenging.
To create the same number of jobs, EDB will have to bring in even more new projects, Mr Png said. This means engaging more companies across more sectors and regions, and of different company sizes and growth stages.
“To remain competitive and secure more investments, we must double down on sectors where Singapore has built-up strong capabilities, established global leadership positions and therefore has a competitive advantage,” he said.
He gave the example of Singapore’s aerospace sector, one of the country’s strongest growth sectors.
“We have built up a sizeable aerospace maintenance, repair and overhaul industry over the years, with global leadership position in aircraft engine component repairs,” he added.
In its report, the EDB also highlighted areas to work on, in line with the focus of the Economic Strategy Review Committee.
This includes strengthening Singapore’s leadership in growth sectors, such as AI, to position Singapore as a leading AI hub and an AI-empowered economy.
The EDB will also pursue emerging opportunities to create new growth engines, as well as identify, attract and anchor high-growth companies with potential to become future industry leaders.
“We will also continue our partnerships with companies to train and upskill our local workforce to ensure they have a strong talent pipeline with future-ready skills to fuel future growth,” Mr Png said.