PUBLISHED ONNovember 19, 2025 5:55 AMBYDana LeongSingapore needs to remain "cautiously optimistic" and adjust its current economic strategies to ensure that it is well-positioned for the future, said Acting Minister for Transport Jeffrey Siow.
Speaking on the sidelines of a closed-door engagement session between Economic Strategy Review (ESR) members and business leaders on Wednesday (Nov 19), Siow told the media that the conditions for Singapore's success have "fundamentally changed".
Amid a global shift that has led to less free trade and intensified competition between economies, the ESR and its five committees are working to recalibrate Singapore's economic strategies and double down on those that may not work anymore, said Siow.
In particular, the committee on global competitiveness, which Siow co-chairs, is focused on developing strategies to strengthen Singapore's value proposition as an investment destination.
To do so, Singapore is working with its MNC partners, such as Applied Materials and GSK, to bring in more value-added projects that are "on the frontier of their businesses".
At the same time, Singapore is also looking to attract high-growth companies that can help generate economic growth.
Siow also said that Singapore can have "an outsized influence" on the global economy as more Singapore-based companies expand internationally.
"Singapore is a small market. Up to a point, there's only this much we can grow. There's only this much business to do here. For you to really continue to grow, you have to go overseas," he said, adding that the Government is taking a measured approach to help such businesses go global.
The engagement session was organised in partnership with the Singapore Business Federation (SBF) and is part of the ESR's efforts to engage with businesses and relevant stakeholders.
These engagements are meant to help the ESR better understand business sentiments and inform policy decisions amid heightened global uncertainty.
Political office holders Low Yen Ling, Jasmin Lau and Dinesh Vasu Dash, who are co-chairs of three ESR committees, were also in attendance at the event.
ESR and its five committees were announced by Deputy Prime Minister Gan Kim Yong earlier in August.
Part of the Singapore Economic Resilience Taskforce (SERT), ESR is meant to chart an economic blueprint and keep Singapore globally competitive in the long run.
ESR will particularly focus on Singapore's long-term strategies to protect businesses and workers amid structural shifts, including geopolitical realignments and technological disruptions, while other arms of SERT roll out more near-term measures.
One such example is the Business Adaptation Grant launched on Oct 7, that allows businesses to claim up to $100,000 for costs used to adapt supply chains and operations due to the onslaught of US tariffs.
According to Siow, the ESR committee hopes to put up their report around Budget and COS period, with recommendations more formally published by mid-2026.
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dana.leong@asiaone.com
