Singapore’s Deputy Prime Minister highlights economic resilience, AI transformation, and global expansion as key priorities for businesses in 2026.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong delivered a speech at the Spring Reception organised by the Singapore Chinese Chamber of Commerce and Industry (SCCCI) on 17 February 2026 in Singapore.
Speaking to Cabinet colleagues, business leaders, and members of the chamber, Mr Gan wished attendees a Happy Chinese New Year and reflected on Singapore’s economic performance in 2025. He said the economy grew by around 5%, exceeding expectations despite global trade tensions, supply chain changes, and rapid technological developments. Inflation also moderated significantly during the year.
Mr Gan said the strong performance showed the resilience and adaptability of Singapore’s businesses and workers. However, he noted that uncertainty and disruption would continue in the global environment.
He highlighted that artificial intelligence (AI) has become a foundation for economic development. According to Mr Gan, AI is reshaping industries and changing job requirements. He stressed that companies must adopt AI not only to improve efficiency but also to stay competitive.
He praised SCCCI’s “AI Experience for SMEs” Programme, which provides workshops and advisory support to help small and medium-sized enterprises (SMEs) use AI in practical ways.
Looking ahead, Mr Gan outlined three key priorities for businesses.
First, businesses must transform and use AI to improve productivity and manage manpower constraints. He said the Government will increase support to help firms adopt AI meaningfully across their operations, redesign workflows, and build internal capabilities. Enterprise support schemes will continue to reduce barriers and risks for companies adopting new technologies.
Second, businesses should expand beyond Singapore. Mr Gan said growth opportunities lie overseas, even though expanding abroad brings challenges such as different regulations and stronger competition. The Government will strengthen support for internationalisation, help companies enter new markets, and deepen trade partnerships. This includes upgrading free trade agreements and diversifying supply chains.
He also commended SCCCI for organising overseas missions and business exchanges to support companies entering foreign markets.
Third, Mr Gan emphasised the importance of investing in workers. He said economic growth must lead to good jobs and sustainable career paths. The Government will continue supporting job redesign and skills upgrading, working with employers and unions to help workers adapt to changes brought by AI.
He noted that SCCCI’s TACOM Transformation Centre supports trade associations in digitalisation and AI efforts, helping both companies and workers upgrade together.
In closing, Mr Gan described the Year of the Horse as a symbol of strength and forward momentum. He expressed confidence that Singapore’s businesses can find new opportunities amid global changes by embracing transformation, expanding overseas, and investing in people.
He wished everyone success, good health, and prosperity in the year ahead.
Source: PMO
