Committee of Supply – Head V (Ministry of Trade and Industry)
- Singapore's startup ecosystem has grown significantly, with startup numbers rising from 22,000 in 2003 to 43,000 in 2016, and government initiatives like Startup SG and enhanced funding schemes are boosting innovation and global investor interest.
- The government is restructuring agencies like the Competition Commission to better protect consumers and support businesses, while balancing pro-enterprise policies with consumer safeguards for both online and offline transactions.
- To adapt to economic shifts, Singapore is promoting lifelong learning through SkillsFuture and Professional Conversion Programmes, helping workers, especially PMETs, reskill and transition into growing sectors like healthcare, infocomm, and wholesale trade.
- The government is fostering global market expertise through overseas training programmes for students and business leaders, such as the SkillsFuture Young Talent Programme and the new ASEAN Leadership Programme, to help Singaporeans capture opportunities in Asia.
- Industry partnerships, employer engagement, and ecosystem support are critical for driving transformation, with companies urged to invest in skills development and international expansion to sustain competitiveness and create local jobs.