The Budget statement, which will be delivered on Feb 20, will address Singapore’s more immediate economic needs, and include measures to implement longer term strategies set out by the Committee for the Future Economy (CFE), Prime Minister Lee Hsien Loong said on Friday (Jan 27).

The CFE — led by Finance Minister Heng Swee Keat and Trade and Industry Minister (Industry) S Iswaran — will deliver its report soon, laying out the blueprint for growth in the next 10 to 15 years, Mr Lee said in his Chinese New Year message.

The report will “identify new and promising industries and sectors, and plans to ensure that our children and grandchildren will enjoy many opportunities when they enter the workforce”, he added.

Given the significant uncertainty in the world, Mr Lee stressed that Singapore must again renew its economy, taking it in fresh directions, and opening new markets and fields of business — just like how it has always done so over the years. “In Singapore, we have always grown by renewing ourselves… That is how we have stayed relevant to the world, vibrant and prosperous. That is what we must do again now, at this moment when there is such uncertainty in the global environment,” he said.

Mr Lee noted that economic growth last year was “sluggish”, but the situation improved towards the end of the year. “I hope the pickup will continue through this year,” he said.

Mr Lee stressed the hard work needed for both businesses and workers in order to restructure the economy. “We know this from experience. It is not easy for workers to learn new ways to do things or to switch jobs,” he said. “Neither is it easy for businesses to change the way they work, or develop innovative products and new markets. But we have to persevere with upgrading, because it is the only way to improve the lives of Singaporeans.”

Nevertheless, he reiterated his confidence that the country can succeed. “We have done it before, and we have the wherewithal to do it again,” he said.

“Here in Singapore, we tackle our challenges together. Government, businesses and workers all play their part, coming together to plan ahead, support one another and seize new opportunities. This is how our children and their children can dream bigger dreams than us, and live better lives than ours.”

In his message, Mr Lee also reminded Singaporeans of the importance of family and tradition.

Citing Chinese New Year traditions such as reunion dinners as well as visiting relatives and friends, he said: “Even as the years go by and the world changes, we keep alive these traditions… They remind us of what is truly important in life. What matters is not what we have, but whom we have beside us on life’s journey.”

Mr Lee also noted that the Government is “doing all we can” to help couples start a family. Among other initiatives, it has substantially expanded preschool, childcare and infant care places, apart from improving the affordability and quality of kindergartens. Waiting times for Housing and Development Board flats are also being reduced, “so couples can set up home and start families sooner”. Mr Lee said: “I hope that the New Year bring with it the lusty cries of many more new-born babies!”

Source:
courtesy of TODAY

by Today Online

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