Baktee
To progress in an economy faced with disruption, Singapore must build capabilities, promote entrepreneurship and develop the skills of its workers.
This was said by Prime Minister (PM) Lee Hsien Loong in his National Day Rally speech on 21 August 2016 at ITE College Central.
“The defining challenge which we face in this era is disruption. Things are changing fast, old models are not working, new models are coming thick and fast, and we are having to adjust and to keep up because of technology and globalisation. And this disruption will happen again, over and over, relentlessly,” said PM Lee.
He gave the example of the taxi business where taxis are facing competition from private hire companies like Grab and Uber. He also touched on the disruption in the retail industry where online shopping is affecting brick and mortar shops.
“We also need an overall strategy to be able to spot where the changes are coming from, to respond when things get disrupted and to keep our economy growing so that our companies can be resilient and able to keep on finding new ways to do business. And we have to prepare our workers to do different jobs and new jobs during their working lives,” said PM Lee, referring to the Committee on the Future Economy which was tasked to chart the overall economic strategy when it was formed earlier this year.
Building New Capabilities
In his Mandarin address, PM Lee acknowledged that small and medium enterprises (SMEs) “find it challenging to transform and tough to survive.” To tackle this, he urged businesses to tap on national schemes such as those provided by SPRING and IE Singapore to transform themselves, increase productivity or expand overseas.
“There are still bright spots in many sectors from general manufacturing to furniture design to food. Some traditional businesses have transformed themselves and successfully expanded overseas … Expanding overseas is one way to transform, and another is to use technology to innovate,” he said.
Promote Entrepreneurship
PM Lee also said that beyond building up capabilities, Singapore should promote entrepreneurship.
“Entrepreneurs play an important role in society. Not just creating jobs and prosperity but with their resourcefulness and optimism, they give our society the confidence that anything is possible; that through our actions, we can change the world for the better. We may fail and fail again, but if we refuse to give up and keep on trying, one day we will succeed,” he said.
Developing Skills
Touching on skills development, PM Lee said that the SkillsFuture is crucial because a strong economy is built on a skilled workforce.
Urging more Singaporeans to tap on SkillsFuture and keep their skills relevant in the market, PM Lee said in Mandarin: “I know everyone is concerned about their livelihood. The Government is concerned too. Our strategy is to help businesses transform and use SkillsFuture to help workers.
“There is a saying that we can achieve excellence in every profession. That is the goal of SkillsFuture; to help all excel. Whether you are an engineer or a retail associate, you can upgrade or learn new skills.”
Programmes under the Adapt and Grow initiative are also available for workers who find themselves being retrenched or those who are changing careers, added PM Lee.
PM Lee also commended the Labour Movement for supporting the initiatives by helping both rank-and-file workers and professionals, managers and executives.
