Earlier at the dialogue session, Mr Gan delivered a speech where he touched on the global challenges confronting Singapore.
“We exited the acute phase of the COVID-19 pandemic earlier this year, but we have stepped into a rather unstable and unpredictable environment. New challenges have emerged and in some instances, are intensifying,” he said.
These include slower global growth amid monetary policy tightening worldwide to combat inflation, the multilateral open trading system coming under pressure, the rise of new technology such as generative artificial intelligence (AI) that has disrupted industries and businesses, as well as climate change.
However, these “daunting” challenges can also present opportunities for Singapore, the minister said.
Singapore, for one, can continue to distinguish itself as “a trusted and reliable trading partner”. The emergence of new technologies and the net zero transition also serve up opportunities to grow the country’s digital and green economy, respectively.
Efforts to capitalise on these opportunities are underway, said Mr Gan, pointing to the Singapore Economy 2023 vision announced last year. This vision comprises strategies to achieve long-term growth by expanding trade, growing the manufacturing and services industries, as well as uplifting enterprises and workers.
More can be done and these include having an agile workforce and strengthening Singapore’s economic connectivity to new markets and appeal as a business hub, the minister said.
“Singapore must resist the pressure to turn inward and become more protectionist,” Mr Gan said. “We have always earned our living by remaining open, expanding our economic space, and staying connected to the world.”