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AsiaOne
38 minutes ago
- AsiaOne
'Important to take a longer term view': DPM Gan announces 5 new committees to strengthen Singapore's economic relevance, Singapore News
The Government will have five new committees to strengthen Singapore's economic relevance amid geopolitical uncertainties and technological disruptions. The new committees were announced by Deputy Prime Minister Gan Kim Yong at a press conference on Monday (Aug 4), where he detailed Singapore's Economic Strategy Review (ESR). The ESR, he said, will chart a "forward-looking economic blueprint" to sharpen Singapore's economic competitiveness and deepen its economic resilience. This comes amid major disruptions to the "rules-based multilateral trading system" caused by US tariffs, which make it "important to take a longer term view". DPM Gan, who is the Minister for Trade and Industry and the chairman of SERT, said that the third workstream of SERT — aimed at developing longer-term strategies and responses to transform businesses and support the workforce — will be replaced by the five new committees. SERT stands for the Singapore Economic Resilience Taskforce. The five committees will develop longer-term strategies in the following areas: Global competitiveness Technology and Innovation Entrepreneurship Human capital Managing impact of restructuring Each committee, co-chaired by two political office holders, will also have members from the private sector, unions and other relevant stakeholders. Acting Minister for Transport Jeffrey Siow, who is part of the committee focused on global competitiveness, said that a major focus will be to "strengthen Singapore's competitive advantage" and strengthen its reputation as a trusted and reliable investment destination. He also pointed out that one of their key areas of focus will be leveraging on Artificial Intelligence (AI) to benefit businesses and workers. "AI isn't just for tech giants, it is for every Singaporean tomorrow," said Jasmin Lau, Minister of State for the Ministry of Digital Development & Information and the Ministry of Education. Her committee aims to make technology and AI intensive, extensive and inclusive for all. The ESR will build on past economic reviews that have laid strong foundations for Singapore's growth, while considering new ideas and approaches to sharpen the country's economic competitiveness. "We are definitely not abandoning the old strategies that we have. We are really building on the very strong foundation and fundamentals that we have accumulated over the years," added Siow, pointing out that the new committees will adapt previous strategies to the changed global environment. According to DPM Gan, the ESR will engage widely with businesses, workers, and relevant stakeholders to gather feedback and ideas over the next few months. The recommendations are set to be published in a review mid-2026. "Even as we manage the immediate uncertainties, we must start planning for the longer term to position our economy, our businesses and our workers so that they are able to adapt to the new economic landscape," said DPM Gan. 10% baseline tariffs US President Donald Trump had released a new list of tariff rates on imports from global trading partners on Aug 1, which are "pretty much set", according to Trade Representative Jamieson Greer. The levies range from 10 to 41 per cent, with Singapore still facing the baseline rate of 10 per cent — a non-negotiable rate based on previous discussions with the US, according to DPM Gan. Aggregate US tariff rates will rise from two per cent to around 15 per cent or higher with the new levies, he said. DPM Gan also warned of "significant uncertainties" that remain, including ongoing discussions between the US and countries like India and China, in addition to sectoral tariffs that are still pending. "Details on how these tariffs will be implemented are still pending, and the US may also announce further sectoral tariffs, such as pharmaceutical, semiconductors, as well as aerospace in time to come," DPM Gan said, adding that Singapore is still in discussion with the US regarding potential concessions. [[nid:720005]]
CNA
38 minutes ago
- CNA
Singapore launches economic strategy review to stay competitive amid global, tech shifts
SINGAPORE: Singapore announced on Monday (Aug 4) that it will undertake a review of its economic strategy amid structural shifts, including geopolitical realignments and technological disruptions. The review will chart an economic blueprint aimed at keeping the country globally competitive in the long term, with good opportunities for businesses and workers, said Deputy Prime Minister Gan Kim Yong at a press conference. The new review will build on earlier efforts and incorporate fresh ideas to sharpen the country's economic competitiveness and resilience, said Mr Gan, who is also trade and industry minister and chair of the Singapore Economic Resilience Taskforce. The task force was formed in April to deal with the impact of tariffs imposed by the United States. It comprises three work streams – looking at assessing how businesses are being affected and sharing information on what schemes are available, short-term support and developing additional measures if needed, as well as long-term strategies to transform businesses and workers. The new economic strategy review will replace the third work stream on long-term planning. The government said the review process will involve wide engagement with businesses, workers and other stakeholders over the coming months. Mr Gan said the five committees hope to provide an update of their work and some key recommendations by 'early next year', and publish a final report by mid-2026. This announcement comes days after US President Donald Trump announced a slew of updated tariffs, including a 10 per cent global minimum and levies ranging from 10 to 41 per cent for 69 countries, ahead of an original deadline on Aug 1. US also said it will levy a 40 per cent tariff on so-called transshipments. The new US tariff directive will take effect on Aug 7. Singapore faces the baseline 10 per cent tariff. Mr Gan said the latest tariffs will 'raise the aggregate US tariff rates from above 2 per cent at the start of the year to about 15 per cent or higher'. 'Significant uncertainties' remain even with the latest announcement, he cautioned, citing how negotiations between the US and several major countries, including China and India, are still ongoing. There is also the possibility of further US tariffs aimed at specific sectors, such as pharmaceuticals, semiconductors and aerospace. Meanwhile, it remains unknown how supply chains will shift as companies factor the latest tariffs into their calculations. 'There will be long-term implications on the multilateral rules-based trading model that will inevitably affect Singapore and the rest of the world. We intend to continue to engage the US administration on these matters,' said Mr Gan. Singapore will also step up its engagements with businesses to find out the impact of the latest developments. The taskforce had thus far announced a new Business Adaptation Grant to help firms adapt to the new tariff environment, and it will continue to work closely with the Singapore Business Federation to study if additional measures are needed. The government is also keeping a close eye on how workers might be impacted, and will work with the Singapore National Employers Federation and National Trades Union Congress (NTUC) to step up support when needed. As these near-term measures are being rolled out, Singapore must also start planning for the long term to protect its economy, businesses and workers, which is why it is embarking on the economic strategy review, said Mr Gan. Asked how the latest review will build on similar economic reviews done previously, such as the Committee on the Future Economy's (CFE) report issued in 2017, Mr Gan said the challenges faced by Singapore have changed over the years. Currently, the country faces a 'significant long-term challenge' with the global environment set to face rapid changes and further uncertainties due to the US tariffs. 'There are a lot of unknowns going forward but at the same time, there are also opportunities and possibilities. That's why it is important for us to take a fresh look at our strategy,' said Mr Gan. That said, the country also has built up strong fundamentals, such as high-quality infrastructure and a highly-skilled workforce. 'All these are very important strengths that we have built up over the last few decades, and it is also important to see how we can leverage on that to continue to create new opportunities for Singapore and Singaporeans,' Mr Gan said. Echoing that, Acting Transport Minister Jeffrey Siow, who is heading one of the five committees, said the country is 'definitely not abandoning' existing core strategies and is looking to build on the strong foundation that the country has built over the years. FIVE FOCUS AREAS The latest economic strategy review will be driven by five committees, each co-chaired by two political office holders and involving stakeholders from the private sector, unions and other organisations. The first committee will focus on strengthening Singapore's global competitiveness. Its remit includes improving the country's value proposition to international investors, building a strong base of globally active Singapore firms and securing its status as a hub for goods, capital, people, data and energy. It will be co-chaired by Mr Siow and Senior Minister of State for Trade and Industry, as well as Culture, Community and Youth Low Yen Ling. The second committee will explore ways to leverage technology and innovation to drive broad-based economic growth. These include catalysing opportunities through technologies such as artificial intelligence and accelerating AI adoption across the economy. This will be co-headed by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Sustainability and Environment and Culture, Community and Youth Goh Hanyan. A third committee will focus on strengthening Singapore's startup and entrepreneurship ecosystem. It is co-chaired by Minister of State for Trade and Industry and National Development Alvin Tan and Minister of State for Manpower, as well as Culture, Community and Youth, Dinesh Vasu Dash. The fourth committee, led by Acting Minister for Culture, Community and Youth David Neo and Senior Minister of State for Manpower and Health Koh Poh Koon, will focus on equipping workers with relevant skills. The fifth committee will address the impact of restructuring. It will propose ways to support business transformation, help affected workers transition into better roles, and strengthen system-wide enablers and safety nets to aid re-employment. This group will be co-led by Minister of State for Home Affairs and Social and Family Development Goh Pei Ming and Minister of State for Defence and Deputy Secretary-General of the National Trades Union Congress Desmond Choo. The government said the review process will involve wide engagement with businesses, workers and other stakeholders over the coming months.
CNA
2 hours ago
- CNA
CNA Explains: Judicial mercy – what is this 'very rarely' invoked power of the courts?
SINGAPORE: Property tycoon Ong Beng Seng pleaded guilty on Monday (Aug 4) to a charge of abetting former Transport Minister S Iswaran in obstructing justice. A second charge for instigating Iswaran to obtain flights and a hotel stay from Ong will be taken into consideration during sentencing, which was adjourned to Aug 15. Both the prosecution and defence called for the court to exercise judicial mercy and impose only a fine, in light of what Ong's lawyer described as "a devastating cocktail of medical problems". What is judicial mercy? It's an extraordinary measure in which the sentence of an accused person is reduced on humanitarian grounds, criminal lawyer Adrian Wee of Lighthouse Law said. He said that factors considered by the court in applying judicial mercy include the severity of the crime and others such as the risk of re-offending. 'Ultimately it is a balancing exercise between the need to punish offenders and putting an individual, for example, one who is gravely ill, at risk,' said Mr Wee. Ms Joyce Khoo from Quahe Woo & Palmer described judicial mercy as the tempering of punishment imposed, in light of the offender's personal circumstances. "The court would take into account the offender's exceptional circumstances and ameliorate the punishment imposed to reflect the court's and society's humanity towards the offender's plight," she said. Mr Sanjiv Vaswani of Vaswani Law Chambers meanwhile defined it as the power that the courts have to impose a lenient sentence in light of exceptional mitigating circumstances. In exercising judicial mercy, the court "effectively displaces the culpability of the offender as a central consideration, with considerations of humanity", he added. In Ong's case, the court heard how cancer had damaged his skeletal system and severely compromised his immune system, making him vulnerable to life-threatening infections. He also suffers from complications which could exacerbate his risk of infection and gangrene. His lawyer Cavinder Bull said Ong's risk of infection would increase in prison due to the movement of people, in turn increasing his risk of death. In contrast, Ong's home environment is more controlled, and he has access to medical personnel who have been treating him for years. How does it differ from a mitigating factor? Ms Khoo said the court considers whether judicial mercy ought to be exercised only after considering all mitigating factors and arriving at a sentence. If exercised, the eventual sentence would be lowered to reflect the court's sympathy to the offender. "When exercising judicial mercy, the court is not so concerned with the eventual sentence being proportional to the offending behaviour," she said. "This is considered at the mitigation stage. In exercising judicial mercy, the court is concerned about alleviating the effects of imprisonment on the basis that it is the humane thing to do given a specific circumstance." Lawyer Chooi Jing Yen, who runs his own eponymous law firm, said everyone is entitled to raise mitigating factors when they plead guilty to an offence, but not everyone is entitled to judicial mercy. "If successfully raised, the sentence will be substantially outside the norm, and generally cannot be relied on as a precedent for other cases,' he said. Veteran criminal lawyer Ramesh Tiwary said judicial mercy was "more than merely mitigatory because it shifts the focus of the sentence to account for the illness", rather than being punitive. Lawyer Mark Yeo from Fortress Law said the purpose of citing ill-health as a mitigating factor would be to persuade the court that a longer term of imprisonment would have a disproportional impact on an offender, compared with someone without the same medical condition. A reduction in sentencing with ill health as a mitigating factor would not be as significant compared to if judicial mercy was exercised, he said. Why still prosecute if judicial mercy will be exercised? While it is solely up to the prosecution to decide who to prosecute and what for, lawyers offered some insight. Ms Khoo said that convicting an offender shows that they are guilty of an offence. Just because judicial mercy is eventually exercised does not mean that the offender is not guilty or not liable. Mr Chooi pointed to the possibility of a "signalling effect" in the form of a message of deterrence still being sent to the general public. He also noted that if a court exercises judicial mercy, it cannot step outside legislative bounds or where sentences are fixed. This means that if an offence has a mandatory minimum jail term, or has to be punishable by death - such as in capital offences involving murder and drug trafficking - then that is the sentence that must be meted out. In Ong's case, the offence of abetting obstruction of justice carries a jail term of up to seven years, a fine, or both. While both the prosecution and defence have called for judicial mercy to be exercised here, the court has the discretion to decide if it chooses to do so. How often is judicial mercy invoked? Lawyers all told CNA the exercise of judicial mercy was 'very rarely' applicable in Singapore. Mr Tiwary said: "The accused must have a terminal illness or an illness which would be life-threatening in a prison environment." Mr Chooi said the threshold for invoking it was "extremely high" and would take very exceptional cases, by and large on the grounds of ill health. In 2018, a man's jail term of three weeks was reduced to a S$250 (US$194) fine on account of his terminal cancer. Lim Kah Heng, 68, had pleaded guilty to a charge of corruption. He was diagnosed with acute myeloid leukaemia shortly after he was sentenced. On appeal, the prosecution did not object to Lim's application for judicial mercy. A High Court Judge said he accepted that grounds existed for judicial mercy. He noted that corruption was a serious offence, and imposed a fine. In 2008, retail tycoon Tang Wee Sung was sentenced to one day's jail and fined S$17,000 after he tried to buy a kidney and lied about it. One of the two charges he pleaded guilty to had mandatory imprisonment. Tang suffered from end-stage renal disease among other medical conditions, and was granted judicial mercy by the court. Tang's case was raised by Mr Bull during mitigation, with the defence counsel noting that Tang received only one day of jail as a jail term was mandatory. According to a past judgment on Tang's case, the court said the sentence imposed would 'reduce the risk of aggravation of Tang's extreme ill health.'
