Reasons to be upbeat about S’pore’s prospects, despite difficult challenges ahead: DPM Heng

Laying out the challenges ahead, DPM Heng Swee Keat noted that the world is currently facing a slow growth, high inflation environment.

Despite the great benefits brought by three decades of globalisation, the mood has shifted from collaboration to competition, partly driven by technological change that is reshaping jobs and competitiveness across countries and industries, he said. “Even as we invest in strengthening productivity, such as growing depth in certain industries, it is impossible to match the scale and size of larger countries,” he said.

“This shared ownership of transformation is critical... Government plans and programmes will remain important, but when enterprises and workers embrace transformation, they can be at the forefront of seizing opportunities,” said DPM Heng.Budget 2024: Businesses welcome upskilling benefits seen as vital for workers to stay relevant

To achieve this, universities and research institutes here have to generate a body of basic scientific insights; companies and start-ups have to translate these insights into industry-applicable innovations and solutions; and the right training and support should be provided to enable workers to take on new jobs created by these opportunities, he said.

Source: Tech Daily Report (techdailyreport.net)

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