Ministry of Trade and Industry

The Deputy Prime Minister and Minister for Trade and Industry (Mr Gan Kim Yong): The Ministry of Trade and Industry (MTI) will refresh Singapore’s economic blueprint and keep our economy strong and resilient in a changed world. We will position Singapore as a home to leading firms, a key global business hub, and a vital connector in the global economy. Through these efforts, we will foster productivity-led and innovation-driven growth and create good jobs for Singaporeans.

We are operating in a changed world, marked by major uncertainties and structural shifts. The tripartite Singapore Economic Resilience Taskforce will support workers and businesses to navigate and respond to immediate challenges arising from increased tariffs. At the same time, MTI is undertaking an Economic Strategy Review to chart a forward-looking blueprint to better position our economy, businesses and workers in this new landscape.

MTI will intensify efforts to capture opportunities in new growth areas. We will strengthen advanced manufacturing by leveraging technologies, such as artificial intelligence (AI), robotics and biotechnology. We will seize opportunities in the green and digital economy.

MTI will sustain investments in research and development, to encourage widespread innovation and bring new products and services to the market. This includes stronger collaborations between industry and academia, and next-generation infrastructure such as the Punggol Digital District, to support our growth enterprises.

We will continue to encourage investments in our tourism and lifestyle sectors, and contribute to the vibrancy of Singapore as a city to live, work and play.

MTI will continue to attract globally leading companies by leveraging and improving our efficient infrastructure, extensive connectivity, highly skilled workforce and pro-business environment. Anchoring these firms in Singapore enables us to access global markets, deepen capital formation, acquire cutting-edge technologies and know-how, and help our small and medium-sized enterprises plug into global supply chains.

MTI will grow the pool of Singapore Global Enterprises by helping promising local enterprises internationalise and grow into regional or global leaders. We will raise the productivity of local enterprises, by accelerating the adoption of digital and AI-enabled solutions and supporting workforce training.

We will help firms transition to a low-carbon economy, while safeguarding energy security and maintaining competitiveness. We will step up domestic solar deployment and advance cross-border electricity trading. We will also develop capabilities in other potential low carbon pathways, such as nuclear energy and hydrogen. We will also explore carbon capture, utilisation and storage technologies and develop markets for high-quality carbon credits.

Amid global shifts, Singapore must remain a trusted and connected business hub, deeply integrated into global supply chains and trade flows.

MTI will deepen regional economic integration in the Association of Southeast Asian Nations (ASEAN) and enhance linkages with our neighbours, enhancing Singapore’s value proposition as a base for investments into the region. We will also strengthen ASEAN’s partnership with major economies and other economic blocs, such as the European Union and the Gulf Cooperation Council, to enhance ASEAN’s role in the global trade architecture.

Beyond our 28 Free Trade Agreements, MTI will expand trade links with emerging markets, such as Latin America, South Asia, Middle East and Africa. At the same time, we will further cooperation in strategic growth areas. For example, we are expanding our network of Digital Economy Agreements to establish rules and standards around issues such as personal data and online consumer protection, enabling businesses to operate more seamlessly across borders. We are also advancing Green Economy Agreements to catalyse trade and investment flows that support the low-carbon transition of our economy.

MTI will work with like-minded partners to support the rules-based trading system, to help businesses navigate uncertainty and seize new opportunities. We will deepen engagement in existing trading frameworks, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership and with other economic regions. We will also work with other trade-dependent countries to support reforms at the World Trade Organization to uphold open, fair and effective global trade.

Our people are at the heart of our economy. Our strategies will create more opportunities for Singaporeans to thrive and share in the benefits of growth. MTI will work with companies, unions, trade associations and chambers, as well as the Ministry of Manpower and Ministry of Education, to equip citizens with future-ready, industry-relevant skills and support career transitions into growth sectors. In doing so, we will ensure that every Singaporean can aspire to good jobs, secure progress and build a better future for themselves and their families.