COVID-19 : Singapore to speed up structural transformation of economy

SINGAPORE, June 20 – To succeed in a post-COVID-19 future, Singapore said it needs to master the major trends which are reshaping the global economy, while speeding up the structural transformation of its own economy.

“We must support our businesses and workers to ride on these trends, and reimagine our economy for a post-COVID future,” said Deputy Prime Minister Heng Swee Keat in his ministerial broadcast entitled “Emerging Stronger Together” here today.

He had outlined three ways by which Singapore can achieve its target — ensuring the free flow of goods and services, investing in infrastructure and sharpening competitiveness in research and innovation.

“In a more fractious post-COVID world, whatever the rest of the world does, we will persist to find new links to enable these flows, especially in connecting critical supply lines around the world.

“Do not doubt this: Singapore must always remain an open, trading nation. We are finished if we close up,” he said.

Singapore will continue investing in its infrastructure, he said, “even if we need to delay some projects.”

The deputy prime minister noted that Singapore’s investments in research and innovation will strengthen its competitiveness.

“We are finalising our research and development (R&D) plans for the next five years.

“We will set aside over 20 billion dollars to support basic and applied research in high impact areas, such as health and biomedical sciences, climate change and artificial intelligence,” he said.

Heng was delivering the sixth and final speech in a series of national ministerial broadcasts on Singapore’s post-COVID-19 future.

— BERNAMA