Singapore needs to redouble resources on reskilling to overcome smaller population: Jeffrey Siow

Transport Minister Jeffrey Siow emphasized the need for Singapore to intensify its reskilling efforts to counteract the challenge posed by the country's smaller population, which, despite its advantages, can turn into a constraint if not managed properly. During a dialogue held on August 3, Siow pointed out that the smaller population allows for more focused investment per person, enabling deeper and more intensive training programs.

This approach can turn the smaller population into an asset rather than a liability. Siow, also the Second Minister for Finance, highlighted that the government has already established a strong foundation with SkillsFuture, a statutory board initiated in 2015 for upskilling and reskilling, which merged with Workforce Singapore in July 2021 to form the Skills and Workforce Development Agency.

This move aims to create a more integrated ecosystem for jobs and skills. Siow noted that while the government faces several constraints, including an ageing population, a low fertility rate, and the need to integrate newcomers, the most pressing issue is energy. The city-state must diversify its energy sources, including exploring nuclear energy, to ensure a stable and sustainable power supply.

Siow also stressed the importance of reskilling as a key focus area for the country, given the ongoing transformation of the global economy. He pointed out that while Singapore has not been idle in the face of the breakdown of the global free trade system, there is significant potential for the country to become a hub that orchestrates data flows, controls the movement of goods and services, and even manages air cargo.

Siow's comments come as Singapore prepares to host a report on advancing its competitiveness within ASEAN, which highlights the need for better understanding of national policies in the region and deepening links with neighboring countries such as Johor and Sumatra.