Singapore must adopt a targeted and long-term perspective in its economic strategies, even as it tackles short-term headwinds posed by the challenging global environment, said Trade and Industry Minister Chan Chun Sing.

Speaking at a National Day dinner at Tanjong Pagar Community Club on 4 August 2019, Mr Chan reiterated that the Government stands ready to support Singaporeans – particularly the most vulnerable – should conditions worsen.

To create the conditions for longer-term success, Mr Chan highlighted that Singapore must build on its fundamentals like its stable and pro-business environment.

He also cited the country’s progressive regulatory environment, its connections to markets in Asia and beyond, its skilled workforce and tripartism as fundamentals that enable Singapore to maintain its competitiveness and attract high-quality investments. 

He pointed out that Singapore has to diversify and deepen its access to markets, work with like-minded countries to explore new areas of cooperation, and press on with efforts to renew the domestic economy.

But one must first be clear about the cause of the “illness” to deliver the right medicine, he added.

Mr Chan explained that the factors contributing to the uncertain external environment include growing downside risks arising from the latest round of tariffs by the United States on China, the protests in Hong Kong, as well as Japan and South Korea expelling each other from their trade white lists. Unlike past financial crises, the current downturn is driven by weaker external demand and a deepening slump in the global electronics cycle, worsened in part by the uncertainty caused by the US-China trade conflict, he added.

Rounding up, Mr Chan expressed confidence that Singapore will be able to weather the uncertainties and achieve even more. “So long as we work together, one united people with a cohesive society and a coherent government, we will continue to achieve even greater heights for ourselves and our country,” he said.

Image: The Straits Times