SINGAPORE: Singapore’s recently announced Fortitude Budget envisions a bold, digitally-empowered future for the nation in the wake of COVID-19.
The S$38 billion budget announced by Deputy Prime Minister Heng Swee Keat on May 26 sets out over S$500 million in funds to kick-start a digitally-inspired rebound. Early investment in university research in the 1990s paved a pathway for enhanced innovation in private sector companies. A year later, Finance Minister Heng Swee Keat introduced the SMEs Go Digital programme to help SMEs build their digital capabilities.
Such focus and investments on digitalisation have delivered notable dividends as Singapore is widely recognised as a leader in digital innovation, and a hotbed of global entrepreneurship. Singapore also claimed top spot as most attractive destination to relocate to in Asia-Pacific for digital talent surveyed in Boston Consulting Group’s Decoding Digital Talent study last year.It may raise curiosity then that despite all the previous investments and initiatives ploughed into transforming Singapore into a digital economy that DPM Heng would yet make a digitalisation push in the Fortitude Budget, especially in a tense economic environment for businesses.
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