OUTLOOK AND PRIORITIES<\/p>\n
Mr Png noted that more global businesses are looking outside traditional markets and operating bases for growth opportunities and stronger supply chain resilience.<\/p>\n
Southeast Asia, in particular, has shown \u201cbrighter growth prospects\u201d, and Singapore is \u201cwell positioned\u201d to support companies that want to expand into the region, he added.<\/p>\n
But the EDB chairman said that Singapore should be \u201cclear-eyed\u201d that they are operating in a different context from before.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cTo 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,\u201d he said.<\/p>\n
He gave the example of Singapore\u2019s aerospace sector, one of the country\u2019s strongest growth sectors.<\/p>\n
\u201cWe have built up a sizeable aerospace maintenance, repair and overhaul industry over the years, with global leadership position in aircraft engine component repairs,\u201d he added.<\/p>\n
In its report, the EDB also highlighted areas to work on, in line with the focus of the Economic Strategy Review Committee<\/a>.<\/p>\n