Singapore to ensure it remains as preferred hub for businesses, stays open to global talent

MINISTER for Trade and Industry Chan Chun Sing on Tuesday evening highlighted four key ways Singapore will ensure it remains the preferred hub for companies to connect and do business with Asia and the rest of the world.

Speaking at the "Standard Chartered Asean Series: Singapore - The Global Hub and Gateway to Asean" webinar, he stressed that Singapore should see itself not just as a gateway to the region but as a critical node in the global value chains of businesses.

The four key ways comprise:

1. Remaining open to top international talent: Mr Chan noted that there has been "much scrutiny" on the issue of international talent and noted that some companies are anxious.

"Let me be clear. We want the world's best and brightest to be with Team Singapore to augment our skills and capabilities, competing with us rather than against us, and ultimately, to benefit Singaporeans, not to substitute or hurt them," he said, during his keynote address.

He said this means Singapore will continue to bring in international talent in a calibrated manner, even as the government has recently tightened foreign worker policies.

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This is not a signal that Singapore is turning away top international talent, but that the focus will shift increasingly towards quality over quantity and the government is serious about discriminatory hiring practices, he said.

2. Remaining open for business by keeping seaports, airports, and supply lines open to the world: In addition, Singapore is progressively and safely opening up on the travel front to enable more business and leisure travel experiences.

"As we set up more 'travel bubbles', we will improve our processes, build confidence, and set the benchmark for a regional 'travel bubble'," he said.

3. Invest in and enhance connectivity - both physical and non-physical: In addition to Changi T5, Tuas Mega Port and developments like Sungei Kadut Eco-District and Greater Southern Waterfront, this also means building deeper links with the world for markets, supplies, technology and talent, to enable businesses to access regional and global opportunities, he said.

4. Accelerate economic transformation efforts, focusing on productivity, innovation and upskilling of workers: This will be achieved through various initiatives, including the Industry Transformation Maps, SMEs Go Digital, Startup SG and SkillsFuture movement. Singapore will also pursue new frontiers of growth, such as biomedical sciences, agri-food technology, sustainability and cleantech.