On September 22, 2025, Singapore’s Deputy Prime Minister Gan Kim Yong addressed Parliament, outlining a strategic vision to exceed the projected 2-3% annual economic growth over the next decade by leveraging artificial intelligence (AI), robotics, and automation to enhance productivity and expand high-value industries. Facing challenges like a rapidly changing global economy, an aging workforce, and technological disruption, he emphasized the critical need for workforce upskilling and reskilling to prepare Singaporeans for future roles. He highlighted the importance of becoming AI-fluent to drive economic transformation, positioning Singapore to capitalize on emerging opportunities in a dynamic global landscape.
The Economic Strategy Review, as outlined by DPM Gan, focuses on strengthening established sectors such as advanced manufacturing and financial services while prioritizing emerging fields like precision medicine, AI, deep tech, the green economy, autonomous vehicles, and space. He identified Southeast Asia’s growing markets, with their young populations and rising middle class, as key opportunities for Singapore to expand its economic reach. By fostering innovation in these high-growth areas, Singapore aims to maintain its competitive edge as a regional hub for advanced industries and technology-driven economic activities.
DPM Gan stressed the importance of supporting small and medium enterprises (SMEs) and heartland businesses to ensure inclusive growth. He advocated for building a globally competitive workforce through international work exposure, openness to global talent, and widespread adoption of cutting-edge technologies. These measures are designed to sustain economic momentum and create diverse opportunities for Singaporeans, aligning with the nation’s long-term goal of fostering a resilient and adaptable economy.
Concluding his address, DPM Gan emphasized that with determination and imagination, Singapore can achieve robust economic growth, create meaningful opportunities, and build a brighter future for its citizens. The focus on upskilling and technological integration aims to position Singapore as a leader in high-value industries, leveraging regional and global trends to drive sustainable economic progress. This strategic roadmap reflects Singapore’s proactive approach to navigating global challenges while capitalizing on its strengths as a hub for innovation and talent.
(Source: Economic Times)
