Parliament affirms amended WP motion on the future of S’pore’s economy

Singapore's economic strategy focuses on broad-based growth to improve people's lives, said Trade and Industry Minister Tan See Leng. Responding to a Workers' Party (WP) motion criticizing the economic model, Tan highlighted the success of the strategy in creating good jobs, rising incomes, and social mobility over generations. The government's role now is to ensure the model continues to thrive in an evolving world, adding that businesses must invest in people and workers must keep learning to adapt to change.

During the debate, WP MP Kenneth Tiong proposed four amendments to the motion, which the WP rejected. The Parliament, however, affirmed the amended motion after PAP MP Edward Chia proposed amendments. The debate lasted nearly nine hours, with the House discussing ways to nurture small and medium-sized enterprises, provide jobs, and encourage innovation and entrepreneurship amid global uncertainty.

Tiong outlined the party's vision for a fair economy driven by dynamic local companies, domestic demand, and Singaporeans and capital venturing abroad. He emphasized that Singapore's traditional model of hosting foreign MNCs is struggling to create good jobs for young people and stifle local enterprises. Despite various views and prescriptions from 23 speakers, common ground emerged in providing fulfilling careers, good incomes, and globally successful enterprises.

Tan acknowledged that the government cannot guarantee success for every venture or job, but emphasized that it must maintain a trusted, open economy, invest long-term, address capability gaps, and help workers prepare for change. He also called for businesses to transform, invest in people, and workers to continue learning. Drawing from his own entrepreneurial journey, Tan shared how his company, Healthway Medical Group, grew by finding a niche, partnering with MNCs, and building a reputation.

He stressed that the government builds the runway, while entrepreneurs and workers must take off, and governments cannot create champions by simply writing larger cheques.