Singapore prioritises jobs amid a fragmenting world and the rise of AI, says PM Lawrence Wong
SINGAPORE (Bloomberg): Singapore's Prime Minister Lawrence Wong said jobs for citizens will be the government's top priority as the city-state faces risks from rising global trade barriers and artificial intelligence.
The impact of the US-China rivalry, President Donald Trump's tariff war and threats to workers from new technologies were the key challenges Wong highlighted in his annual National Day Rally speech on Sunday, marking the country's 60th year.
"This next chapter opens in a more troubled and turbulent world,' Wong said.
In his first major address since May's election, which extended the six-decade rule of the People's Action Party, Wong underscored plans to fortify the trade-reliant economy and strengthen social safety nets, as well as redevelop portions of the island and build new housing.
Wong, 52, campaigned on the need to preserve stability amid slowing global growth and rising protectionism, arguing that the PAP was best placed to shield Singaporeans from economic shocks, including the impact of US tariff policies.
"Ultimately, our economic strategy is about jobs, jobs and jobs - that's our number one priority,' he said. "We will do more to help Singaporeans seize new job opportunities.'
Under Wong, the PAP had expanded social welfare policies, introducing the country's first unemployment benefits and channeling billions of dollars into subsidies for food, utilities and education. Of the country's roughly 6 million inhabitants, about 3.6 million are citizens.
Singapore will "equip and empower every enterprise' to harness AI effectively, especially small and medium-sized enterprises, Wong said, adding that the island nation would launch a new job-matching initiative and a government-funded traineeship program for university graduates.
Looking further ahead, Wong said the government will review its economic strategies "because the external shifts we see today are not temporary.' That will include how the country stays competitive, accesses green energy and helps its firms break into new overseas markets.
"We need a new economic blueprint, to secure Singapore's future in a very different world,' Wong said.
Last week, Singapore raised its growth forecast for this year after a better-than-expected performance in the first half, mainly on the back of front-loading ahead of US tariffs and easing trade worries. The government sees the economy expanding 1.5%-2.5% year-on-year, higher than an earlier 0%-2% outlook.
-- ©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
a minute ago
- The Sun
Foxconn Technology Invests US$30 Million in Robocore to Expand into Medical and Elderly Care Robotics Market
HONG KONG SAR - Media OutReach Newswire - 20 August 2025 - Robocore Technology Limited (Robocore), a partner company of Hong Kong Science and Technology Parks Corporation (HKSTP), is pleased to announce the recent completion of its Series D funding. As the world's largest precision electronics manufacturer, Foxconn Technology Co., Ltd. ('FTC'), through its wholly-owned subsidiary Q-Run Holdings Limited, has made a strategic investment in Robocore's wholly-owned subsidiary RoboTemi Global Ltd. This investment marks FTC's official entry into the smart robotics market, bolstering its smart manufacturing and artificial intelligence (AI) ecosystem, while paving the way for Robocore's future IPO. The transaction involves a total potential investment of up to US$30 million from FTC, beginning with an initial US$10 million investment in preferred shares, acquiring a 6.6% equity stake in RoboTemi Global Ltd. The agreement also includes two subsequent investment tranches of US$10 million each, which may be exercised on the first and second anniversaries of the initial investment. Valuations for these tranches will be determined by mutual agreement or third-party assessment. 'This is more than a capital injection — it's an affirmation of our company's future prospects,' said Mr Roy Lim, CEO of Robocore Technology. 'With world-leading manufacturing and supply chain capabilities, FTC will join forces with us to accelerate our growth, expand into new markets, and help us stride confidently toward our IPO milestone.' Mr Eric Or, Acting Chief Operating Officer of HKSTP, said, 'AI empowers Hong Kong's long-term economic development. HKSTP is pleased to see Robocore's rapid growth and global impact. Robocore's successful funding round not only signifies that a world-leading technology enterprise has endorsed its core robotics technology, but also proves that Hong Kong's tech ventures can firmly establish their position on the global stage.' Headquartered in Hong Kong Science Park, Robocore is the world's leading open-platform service robotics enterprise. Its products are deployed at nearly 20,000 client sites worldwide. Additionally, it serves over 5,000 sites in the US, spanning hospitals, elderly homes, retail chains, and households. In New York State alone, more than 200 elderly homes use its temi robots to assist doctors in completing remote diagnoses within two minutes — significantly reducing insurance costs and improving medical coverage rates. Moreover, approximately 50 four-star and five-star hotels, 1,300 universities, secondary and primary schools, over one hundred smart buildings and shopping malls and 2,000 system integrators with development capabilities in the world are using Robocore's products. With FTC's strategic and manufacturing support, Robocore is expected to achieve three-fold revenue growth over the next three years and aims for a five-fold increase by 2028. The company's growth will be primarily driven by accelerated expansion in the US, Europe, and Asia. Robocore plans to initiate its IPO process within five years, aiming to become one of the world's fastest-growing service robotic enterprises. Proceeds from this funding round will be mainly used to strengthen Robocore's telemedicine business in the US, Europe and Japan, launch new products for mainland China's consumer market, and expand global sales and marketing operations. These initiatives aim to further consolidate its industry leadership position while preparing for a pre-2030 IPO.
The Sun
a minute ago
- The Sun
ISCA Launches $2 Million Career Support Programme to Help Jobseekers Pivot into Accountancy Profession
SINGAPORE - Media OutReach Newswire - 19 August 2025 - With the demand for accountancy and finance professionals growing amid Singapore's transition to a digital and sustainable economy, the Institute of Singapore Chartered Accountants (ISCA) today launched a $2 million Career Support Programme to help jobseekers and mid-career individuals pivot confidently into the accountancy profession. Unveiled by Ms Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance and National Development at ISCA's Annual Dinner, the initiative is designed to provide both practical career support and financial relief at a time when many Singaporeans are seeking to reskill and future-proof their careers. Developed in partnership with the Employment and Employability Institute (e2i) and Workforce Singapore (WSG), the Career Support Programme includes: · Professional Affiliation & Recognition – Eligible jobseekers will enjoy ISCA membership fee waivers, gain recognition through ISCA credentials, and access structured pathways to professional designations. · Learning & Upskilling Support – Complimentary networking events, talks, and e-learning via ISCAccountify, alongside a 'Skills First, Pay Later' scheme that lets participants train first and only pay when they secure employment. · AI-enabled ISCA Talent Marketplace – As the programme's centrepiece, this platform connects jobseekers with employers, conducts personalised skills-gap analyses, and provides tailored recommendations for next career steps. Since its soft launch in July, the platform has featured over 100 job postings by 28 employers, and over 150 job profiles created by jobseekers. The roles range from sustainability, AI consultancy to business finance and traditional accountancy roles. Accountancy careers continue to experience sustained demand and the diversity of roles across industries offer opportunities for professionals who are open to upskill and expand their skillsets or even do a career switch. Professionals from general administration, customer care, engineering and equity investment who have leveraged WSG's Career Conversion Programmes have successfully pivoted to assurance and financial accounting roles. Ms Dilys Boey, Chief Executive, WSG, said: 'The ISCA Career Support Programme offers a robust platform that guides individuals into accountancy careers. The synergy between WSG's career advisory services and ISCA's AI-enabled Talent Marketplace as well as industry expertise creates more opportunities for Singaporeans to join the sector at any career stage. This partnership not only enhances employment outcomes but also makes accountancy a more accessible career choice for all. Together with ISCA, we're committed to helping Singaporeans discover and pursue meaningful careers whilst enabling companies to fulfil their talent requirements.' The Career Support Programme will also prepare professionals for the impact of AI on jobs. According to the World Economic Forum's Future of Jobs Report 2025, global macro trends will create about 170 million new jobs this decade while displacing 92 million roles. Technological skills, especially AI and big data, are projected to grow in importance more rapidly than any other skills in the next five years. In anticipation of these shifts, ISCA had committed $2 million to spearhead its AI for Accountancy Industry (AI for AI) initiative through a multi-pronged approach. Through research, education, and adoption, the initiative will support firms and accountants in effectively harnessing AI across audit, non-audit, and commercial sectors. ISCA President Mr Teo Ser Luck said: 'AI will fundamentally reshape the accountancy sector and fuel demand for accountants with new skills to thrive in the digital economy. The ISCA Career Support Programme reflects our strong commitment to the profession and its people. By providing resources, financial relief, and practical tools such as the AI-enabled ISCA Talent Marketplace, we aim to support individuals — whether they are new entrants to the profession or experienced accountants displaced by change — through skill-gap training and career opportunities. Our goal is to help them find their footing, stay relevant, and move forward with clarity and purpose.'
Sinar Daily
12 minutes ago
- Sinar Daily
Is an F1 comeback in Malaysia possible within five years?
KUALA LUMPUR - A Formula 1 (F1) comeback in Malaysia is not off the table, but it will not happen without serious funding, strategic planning and nationwide commitment, said Sepang International Circuit (SIC) chief executive officer Azhan Shafriman Hanif. "Even if we plan this, it could be in the next three to five years. (It's) because of the planning, because of the funding, and because of the coordination that we need to do within ministries and also corporate companies. "But it can happen, I believe it can happen…,' Azhan told Bernama in an interview recently. After joining the Formula 1 calendar in 1999, Malaysia last hosted an F1 Grand Prix in 2017. Since then, the sport has undergone a transformation, both in terms of global audience and commercial focus. With the Netflix-fuelled resurgence of F1 fandom and the explosion of Asian sports tourism, Malaysia is suddenly back in the conversation. But the question remains: is Malaysia ready to make the leap? REGIONAL PRESSURE, GLOBAL COMPETITION F1's expansion in Asia is accelerating, with Thailand set to debut on the calendar in 2028 and Singapore continuing its popular night race. "If that happens, we're going to be stuck between Singapore and Thailand on the calendar,' Azhan Shafriman said, noting the geopolitical and commercial significance of regional positioning. Sepang International Circuit (SIC) chief executive officer Azhan Shafriman Hanif. Photo by Bernama He said SIC stands ready to coordinate a potential comeback, acting as the bridge between government stakeholders and the Formula 1 management. However, two major challenges persist, namely securing a slot in the tightly packed 24-race calendar and obtaining sufficient funding. And that calendar is already full, with more countries waiting in line. "We are still in discussions with them (F1), building trust. They want to come back here, but the questions are: who's going to fund it and where do we fit in the calendar… there's always that element of luck,' he said. This means Malaysia is not only competing with Thailand and Singapore but with new and emerging bidders from around the globe. Demand for a slot on the calendar is high, and Formula 1 is known to be strategic in choosing venues that maximise global exposure, sponsorship and logistical balance. On the other hand, F1's pivot to city-based street circuits such as those in Baku (Azerbaijan), and Miami and Las Vegas (the United States) presents an additional challenge. "The direction that I see now, Formula 1 is moving towards street racing as compared to permanent circuits. But then again, for racing, Sepang makes sense because it is built for Formula 1,' said Azhan. He also noted that the last time Malaysia organised F1 events, the country paid associated fees - Formula One Management - of between US$50 million and US$55 million back in 2017. "Now, through (the) Netflix (series) 'Formula 1: Drive to Survive' and the F1 movie, its popularity has increased,' he added. With F1's growing international fan base and commercial profile, Azhan raised a critical point about affordability and fan expectations. "Whether there is a slot which is open for us to come back is one question. But the public also needs to consider that ticket pricing will be expensive if they want Formula 1 to return,' he said, adding that the nature of F1 has always been associated with a premium price tag. "Now or before, ticket prices have always been high for Formula 1. It has always been more expensive than MotoGP (the world's premier motorcycle racing championship). And we've hosted both, we know the difference. A lot of people want Formula 1 to come back. But the real question is, when we sell the tickets, will there be any take-up?' He said the cost difference is unavoidable given the scale of investment required for F1. He also pointed to the changing direction under F1's current owner, Liberty Media, which emphasises a broader event experience. "With Liberty Media injecting more of a lifestyle and entertainment concept into race weekends, the premium for F1 tickets has to be higher compared to MotoGP,' he added. Nevertheless, SIC intends to cater to wider audience groups. "There will be instances where we provide special seating for those who want to attend. Just like we do for MotoGP with the K2 Hillstand and Ticket Rahmah, we'll look at similar options for Formula 1,' he said. Despite rising operational costs and competitive pressures, Azhan stressed that the Sepang circuit remains a purpose-built, world-class racing venue. "Sepang was built for Formula 1, with wide lanes, sweeping corners and overtaking zones. It would be a waste to host it somewhere else when we have this beautiful circuit,' he said. VALUE OF F1: BEYOND THE TRACK Azhan argued that Formula 1 is one of the few global sports products that transcends the race itself, blending engineering, national pride and elite competition. "Formula 1 is easy to understand because it's broadcast week in, week out. The amount of engineering, technology… the stamp that comes around with Formula 1, it cannot compare with any other sports in the world,' he said. Beyond the desire to host an F1 race lies another, more emotionally charged goal: putting a Malaysian driver in Formula 1. "We had Alex Yoong last time. We almost got Jazeman (Jaafar) into the seat,' Azhan said. But the pathway to F1 is notoriously brutal. "There are only like 20 seats. And there are hundreds, if not thousands of young kids who are queuing up for the seat,' he added. Most elite drivers begin karting before they even hit their teenage years. From there, they ascend through national racing series, Formula 3 and Formula 2, with each step more expensive than the last. "If we have this target to put a Malaysian Formula 1 driver, it needs to start from the grassroots. There needs to be a lot of events being held in Malaysia, go-kart and so on,' he said. Now, a new frontier is emerging: virtual racing, with sim-racing and e-sports becoming legitimate feeder platforms for real-world motorsports. "There's a step right now that we're looking into that starts from e-sports, then you go on to real racing. If you've seen the movie 'Gran Turismo', it's based on a true story… that guy started from sim-racing and then he went on to do real racing,' he said. ECONOMIC MULTIPLIER EFFECTS Azhan, meanwhile, believes Malaysia is underestimating the tourism and economic benefits of international events like F1 and MotoGP. Based on SIC's economic impact study, a single international spectator contributes over RM7,700 during a seven- to 10-day stay in Malaysia, a figure that scales up rapidly with attendance. "For 2022 and 2023, the return was about 3.5. Last year, it went up by double… about six, almost six,' he said, referring to the return-on-investment multiplier for MotoGP. "Our neighbours are doing it… Singapore, Thailand, even Indonesia. And if we don't step up, we are going to lose more ground,' he warned. He also said Malaysia needs a strategist to assess all the events that can be brought in. While avoiding direct criticism of policymakers, he urged a more strategic and centralised approach to event acquisition. "I'm not saying that the government is not doing its job. I'm just saying that it could be more strategic,' he said. Azhan called for a bold rethinking of how Malaysia courts global events, particularly in terms of regulations and red tape. "We need someone like that (strategist) in our country to look at all these events that we can pull in… because if we need to be global, there's some leeway that we need to give away. But not affecting the principle of it. "I mean, we have to respect that Malaysia is a Muslim country. But then again, there are certain things that we have to be relaxed about in order for these people to come. We can't be so restrictive. If not, people will be running away to the neighbouring country,' he said, adding that if Formula 1 were to return to Malaysia, SIC could take on the role of coordinating it. He also credited the resilience of his team for keeping the Sepang circuit on track throughout the uncertainties of the pandemic, budget constraints and high expectations. "I've a brilliant team behind me that supported me throughout the years… I owe it to them,' he said. He then added, "Sepang is more than just a circuit. It is a symbol of what Malaysia could be if it dares to get back on the grid.' - BERNAMA
