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During the President's Address on Apr. 10, 2023, President Halimah Yacob spoke about growing Singapore's economy and securing Singapore's position as "a trusted and reliable business hub".

As such, more ministries released their addenda outlining the key initiatives to help remain open and connected to the world, push ahead with the next round of economic transformation by building a more digitalised, innovative, productive, and sustainable economy and support workers to seize opportunities.

Here is a summary of the key initiatives that various government ministries are working on:

Ministry of Trade and Industry

The Ministry of Trace and Industry (MTI) stated they will expand Singapore's economic space and stay connected to global growth opportunities.

This is done through penetrating new markets, embedding Singapore deeper into global supply chains and strengthening our regional and international partnerships.

In addition, to push ahead with the next bound of economic transformation, the ministry will realise the Singapore Economy 2030 vision through trade expansion, capturing opportunities in the manufacturing and services sectors, and securing growth in new areas like sustainability and digitalisation.

MTI also said that workers will be equipped with industry-relevant skillsets in emerging sectors so as to ensure a better alignment of training with industry needs.

Ministry of Communications and Information

The Ministry of Communications and Information (MCI) aims to work with partners to develop a new Digital Connectivity Blueprint for strategic, sustainable and future-ready digital infrastructure

MCI will also work with the Ministry of Manpower and Ministry of Education as part of the Forward Singapore exercise to ensure good opportunities remain accessible through initiatives such as TechSkills Accelerator for ITE and the Polytechnics Alliance.

Through initiatives under the Information and Communications Jobs Transformation Map, tech workers will be equipped with the tools to stay competitive.

In addition, MCI will help workers across the economy to upskill and deepen their proficiencies in high-demand areas such as 5G, artificial intelligence and cybersecurity.

Prime Minister's Office (Monetary Authority of Singapore)

The Monetary Authority of Singapore (MAS) aims to create net jobs of 3,000 to 4,000 per year for the financial services sector from 2021 to 2025.

MAS has partnered with the financial industry to develop the Financial Services Industry Transformation Map 2025, which sets out various strategies for growth.

In addition, cross-border payment connectivity will be enhanced by establishing bilateral and multilateral real-time linkages involving ASEAN countries.

Training support for finance professionals at different stages of their careers will build competencies in growth areas and develop specialist talent in sustainability and technology, said MAS.

Prime Minister's Office (National Research Foundation)

The National Research Foundation (NRF) is building a strong core of local research talent while remaining open to top international talent and expanding Singapore's global research and innovation collaborations.

NRF will advance Singapore's capabilities in strategic technology areas such as semiconductors and artificial intelligence to unlock new growth opportunities and create good jobs for Singaporeans.

NRF will also look to enhance research talent across academia, public research institutes and industry, and grow the pool of deep-tech talent with technology commercialisation skills.

This will provide opportunities for postgraduate students to undertake industrial research and development projects and on-the-job training programmes.

A strong foundation of local research talent will be built to help nurture youths' interest in STEM fields and provide diverse pathways for those seeking research careers.

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Top photos via Unsplash