WHAT SINGAPORE IS DOING
On its part, Singapore will “double down” on the country’s four “man-made competitive advantages”, said Mr Chan.
The first is ensuring Singapore’s political stability so that there is policy consistency and continuity.
“There is nothing secret about Singapore’s success, but there is something special about Singapore’s success, and that’s our ability to execute and think long-term,” he said.
“An average idea, well executed consistently over time, beats the brilliant idea that is a flash in the pan.”
He said that amid an uncertain world, businesses are looking for places where they can mobilise their capital, aggregate their talent and protect their intellectual property.
“This is something that Singapore can offer unique to the rest of the world – the ability to think long-term and the ability to execute with conviction over the long term, so that we mean what we say and we say what we mean, that businesses can continue to have the trust in us,” he said.
Secondly, Singapore will continue to consistently and fairly apply the rule of law, while allowing new innovations to take place, said Mr Chan.
Agencies in the Singapore public service are committed to making sure that its rules continue to “evolve at speed” so that new products and services can be pioneered with the necessary guardrails and in the financial markets.
“This is what Singapore intends to do to distinguish ourselves as a place with the rule of law, and more importantly, a place with the rule of law that is progressive and evolving with the needs of the times,” he said.
Thirdly, Mr Chan said Singapore must also forge new partnerships with businesses and countries, giving the examples of Singapore’s free trade agreement with the US, as well as the digital economy partnership agreements with nations such as New Zealand and Chile to promote digital trade and trusted data flows.
“And we will continue to do that, because there is nothing to say that it’s inevitable the world will fragment, because I believe businesses and many other countries continue to believe in the potential of a more integrated world,” he said.
Lastly, Singapore will continue to emphasise investing in its people, said Mr Chan, highlighting initiatives like SkillsFuture that began more than a decade ago.
On this, Mr Chan said that school mainly provides a foundation for learning.
“Whoever in the world that can continue to invest in its people beyond the school years and keep its people always at the cutting edge of technology … will be the winner in the new, uncertain world,” he said.
Mr Chan then reiterated why companies should be involved in these efforts.
“(We) would like to partner you in this journey to collectively get our voices out, to say that we all would like to see a more integrated world where we have more opportunities for everyone,” he said.
“Because (then), we are able to optimise at the global level, rather than be shoehorned and restricted to our narrow local level.”
