Transcription
Young Singaporeans should see uncertainty not as something to fear, but as a chance to build new parks as global competition reshapes. Korea's Jeffrey Showers says youths must be bold enough to move beyond the conventional route and seize opportunities in emerging industries.
Can a still the Limbang beaches? Yeah. Speak to the coach and of the ES committee on global competitiveness. The well is becoming more like payment. The and protection is so, would you say, is Singapore's economic model still fit for the future? The characteristics that have propelled Singapore's success over the last couple of decades, where days trust the U.S. connectivity, openness to that in in capital, these remain relevant in the new world where it's not for the talent, more uncertain.
If I can extend a maritime analogy, the U.S. are easy. Say she everything of economy, adding new growth engines. We retraining the workers there on a ship. We reinforcing a whole four-week. The Brazilians, if we are able to do this right, to be able to plot the new cars to safer waters against this approach has Ben, what we have been doing all these years. Singapore's approach has never been to wish for better weather. He's always been to do the best ship that we can do so that you can see linnet and continue to get to where we want to go successfully.
Moving on tonight, regional economies, right? They're becoming more aggressive in attracting investment. So where exactly is Singapore feeling the pressures and causes it talent? You know, economies both competing of us, but they are also complementary to us. We've always been a competing for the fall in the world with other cities. Have always been competing based on quality. We want to do those things to do more. They also want to tried to do try to make investments in new industries. New emerging technologies. Yes, report mentions a few inventions, a space and quantum technology as a tool they this within can't going into and these adjacent technologies to sectors we are ready. For example, quantum computing is very much at ease in the semiconductor industry and space is not just a hop, skip and jump away from aerospace. We think we have the ability to win the right to play in these industries even though today we don't have the right to win.
Fundamentally, the objective is not just about going to economy, investing in technology. That's not the purpose. The and of itself. The objective is always to create good jobs for Singaporeans. That is always the end point. But what we are doing, we do not go the economy for its own sake. We do not invest in technology, boys when sick. We do it so that we create good jobs for Singaporeans, both today and also for the Singaporeans will tomorrow.
During the U.S. are announce and this because a lot of making bull that had histories can be so we can go, but also carried a risk-off video. So how much room to Singapore you actually have to fail to the test and try? Singapore's history is littered with examples of hope. That's that have succeeded. I think we should be confident. The industries that we talk about today that generate good jobs, finance, a pharmaceutical semiconductors. These were that. So this study, there's no injuries in reason why Singapore should be pharmaceutical finance hub. But the work because we make a deliberate decision to see the said industries who want to go in there. We do the ecosystem around it. I mention quantum computing. I mention Spain's these calculate that that's because we can see that these ideas and technologies tool what we would have been seeing a point that the strong economic sectors, and we think we have a reasonable chance to be able to win the right to play. And so we're going to that, of course, not all that's to succeed. That's the nature of it. But I think we are confident that these investments worth making.
What would make the government stopped backing a setting that? Well, I think we have to be a job. And then Boeing making these decisions. The evolution said and developments that you can see and then you have to make assessment of whether or not you want to continue to to work on these areas. So, for example, a few years back, maybe five, six years back, we coding was all the rage. The, you know, telling our kids going to come coding classes, make sure that you know how to do programming. I I I that part has disappeared. Was it the wrong bet? Well, I think you can on hindsight he was there on that. Was it useful for us to have gone into the sector and understood how we go to evolve and to be involved in the companies that we're also investing in these areas? I think there were benefits in in doing so. And it is not always the case there. You make a decision and that he goes horribly wrong and then you have to have to pivot buys more the case of having the ability to pivot and adjust and to be a job when shifting our resources when you realize that things are not going in the right direction. So I think we are confident that we are able to do this. Singapore for all ways and small. We are not particularly large population. So the ability for us to make changes and decisions is said about this for us and we should lean into it and make sure that we have their duty to respond if needed.
Coming out of these recommendations, right? Us all the partners like treat all said the committee had to balance. There were many tradeoffs are inevitable. When you're trying to make a transitions, for instance, we just talked about AI and we want to move as fast as possible. I but we also have to be conscious that we want that sufficient got Rios to not make sure we go out pounds in, you know, gained to problems. Now, the attention, I think that that will in very be come up, is really making sure that the people who know how to operate AI, the benefits accrue also the people who the be behind. How do you help them catch up and they don't fall too far behind. So that money, the 3rd possible tension they can think off is how you balance efficiency with resilience. If there are problems that happen, you're able to adjust quickly. Singapore has always been a place where we have always managed tradeoffs.
If you could she something to a young Singaporean in c 24 you about the country. They inherit that when you think you. Well, this question is a personal one. To me. I have a two children to have the 60 new assigned in a 14-year-old girl and they are good and that the workforce and that is, you know, it is very different from from me. I want to get young Singaporeans to feel that you don't have to fear. Thank you. To the world is full of opportunities. 9, you have a strong base to work on. A school can fly. We have long for this for a long time. I have long been having is way, you know, people do this to stick to the tried and tested puff and ASEAN. Plus a fair just falling try and test the pof identity. What we have achieved just that walk the route that others have walked. But why not? We just look at new road Possum. I think that is the measure of them. And, you know.