[SINGAPORE] Even in the current crisis, there are opportunities to be seized – and the government and labour movement can help Singaporeans be prepared for this, said Prime Minister Lawrence Wong on Thursday (May 1).
The People’s Action Party (PAP) and National Trades Union Congress (NTUC) have drawn up plans together, he said at the labour movement’s annual May Day Rally, held at Downtown East in Pasir Ris.
“As symbiotic partners, we will deliver them… for all workers, for all Singaporeans.”
He noted that this was his first time speaking at the May Day Rally as prime minister, though he had given speeches there before – and that at last year’s event, then-PM Lee Hsien Loong announced the handover of leadership.
This general election marks the completion of the leadership transition, PM Wong said on Thursday.
He began his speech by noting that it was the last day of the nine-day campaigning period, and ended with a call for support.
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Building trust with other powers
In the Covid-19 crisis, NTUC was at the frontline in protecting workers, helping Singapore bounce back strongly from the worst full-year recession since independence, said PM Wong.
But now, Singapore faces a new challenge. “We know the world has changed – and it’s not changing back any time soon.”
Trade barriers are going up, rules are shifting, and US-China tensions are worsening, he said. The US has slapped exceptionally high tariffs on certain exports, including solar panels from some Asean countries.
Singapore will come under greater scrutiny as well, he added. “We must expect more pressure on us.”
“To navigate these pressures, it will take experience and skill,” he said. “It will take people in government who have built up trust and close relationships with their counterparts in both America and China.
“These relationships take time to build. You can’t build this overnight.”
Echoing a message from his electoral campaign, he stressed that the loss of key ministers cannot be treated as lightly as opposition parties do.
Drawing an analogy with football, he noted that even if there are back-ups and reserves, losing key players means that the team “cannot function at the same level”.
Similarly, the loss of key ministers “means we cannot have as effective a team working for Singaporeans and Singapore”.
Strengthening Singapore
Amid tariff uncertainty, companies have said that orders are being cancelled or postponed, investments are being held back, and operations have been scaled down, noted PM Wong.
Singapore has also lowered its growth forecast, he added. “For now, we think it’s a matter of slower growth, but we really cannot rule out a full-blown recession.”
While it is unclear how long the new storm will last, it will not be a one-year affair, he warned. “So we have to be mentally prepared for the longer term, for the bumpy rides ahead, and do everything we can to strengthen Singapore’s position.”
The PAP government has been working on this even during the campaign period, he said, adding that he has been speaking with other world leaders to strengthen partnerships and secure opportunities.
Deputy Prime Minister Gan Kim Yong and Second Minister for Trade and Industry Tan See Leng have also been on calls with their counterparts to keep economic ties strong, and work out new trade and investment frameworks.
“It is my duty, it is my team’s duty, it is our collective duty to protect our workers, our families, and our country,” said PM Wong. “And that is why we take this election so seriously.”
The PAP will never take risks with Singaporeans’ lives or the country’s future, and looks ahead to anticipate and tackle challenges, he added.
Noting that Budget 2025 had comprehensive support measures, he reiterated that more would be done if needed, and highlighted the taskforce set up to help companies and workers deal with the crisis.
Seizing opportunities
“Even in the darkest of storms, there are rays of light – new opportunities for those who are prepared,” said PM Wong. “And I want to make sure that every worker in Singapore is prepared.”
Asia continues to grow and attract global investments, and Singapore can position itself to attract its fair share of these, he said.
There is also potential in emerging regions such as Latin America and Africa. While such ties are currently limited due to distance, the Singapore brand is known and respected there, and more can be done for mutual benefit.
He noted that many CEOs of multinational companies want to diversify in Asia and “do more” in Singapore, which they see as a reliable and pro-business hub – “secure, stable and trusted”.
“So let’s keep this going for as long as we can,” he said. “That is our competitive advantage.”
Besides attracting investments, the government will help Singapore companies restructure and transform, and help small and medium-sized enterprises scale up, he said.
And it is not just the government doing this – NTUC is doing its part too, highlighted PM Wong. Unlike other countries where unions fight businesses, Singapore’s unions have a better, “win-win” mindset.
He cited the example of Company Training Committees (CTCs) – an idea from the labour movement – in which businesses, workers and unions identify the skills needed for transformation and develop training plans.
It was supported “wholeheartedly” by the government, whose initiatives include S$100 million in funding in Budget 2022, and a S$200 million top-up in Budget 2025. There are more than 3,000 CTCs today, benefitting more than 7,000 workers.
PM Wong also gave an overview of how the government and labour movement will continue to back workers at every stage. This includes career counselling and job matching for new graduates; SkillsFuture training for mid-career workers; and wage and job-matching support for senior workers.
While unions in other countries protest and agitate, unions in Singapore are “partners in nation building”, he noted.
Addressing the union members in the audience, he said: “You are not (on) the sidelines – you are at the decision-making table. You help shape policies. You help move things forward.”
This partnership has helped keep Singapore going through every challenge, he said.
He called on voters to judge him and his team fairly at the polls on May 3, and support them if they seem like the best team for Singapore in these turbulent times.
But whatever the outcome of the election, he promised: “The PAP will never step away from the labour movement.”
The road ahead will not be easy, but with unity, Singapore will weather the storm, he concluded.
