Deputy Prime Minister Heng Swee Keat addresses economic transformation and sustainability at the Future Economy Conference and Company of Good Conference 2024.

Deputy Prime Minister Heng Swee Keat spoke at the Future Economy Conference and Company of Good Conference on July 23, 2024, highlighting the need for adaptation and strategic partnerships in a rapidly changing global landscape.

Heng noted that the COVID-19 pandemic and the US-China trade and technology war have significantly altered globalisation, bringing both benefits and challenges. He emphasized the importance of embracing technological advancements while managing their impact on jobs and skills. The theme of the conference, “End of Business as Usual: Shaping the Future of Business,” underscores the need for businesses and governments to manage change effectively.

Reflecting on Singapore’s economic transformation, Heng shared three key lessons: preparedness for future changes, holistic and integrated solutions, and expanding regional and global partnerships. He highlighted the success of Industry Transformation Maps (ITMs), which cover 23 sectors and focus on productivity, technology, job redesign, and internationalisation.

Heng also discussed the importance of resilience and sustainability, particularly in the face of climate change. He emphasized that businesses must adopt sustainable practices and consider resilience in their operations.

The “Transforming the Singapore Economy” report, launched at the conference, chronicles Singapore’s economic journey over the past eight years. Despite global challenges, Singapore achieved a real value-added growth of 2.8% per annum and a labor productivity growth of 2.1% annually from 2016 to 2023.

Heng commended the collaborative efforts of businesses, academia, the Labour Movement, and trade associations in driving transformation. He highlighted the significance of partnerships in areas like digital and green economies, as well as the importance of Free Trade Agreements (FTAs) and Digital Economy Agreements (DEAs) in maintaining Singapore’s openness and connectivity.

Concluding his speech, Heng emphasized the need for continued collaboration and innovation to navigate future challenges and opportunities.

Source – PMO