Singapore To Invest $24 Billion In 3 Key Enablers To Help Firms & Workers
Many businesses and workers in Singapore have been hard-hit by the Covid-19 pandemic in 2020.
To help firms and workers “emerge stronger” and realise their full potential, Finance Minister Heng Swee Keat announced during Budget 2021 that the government will allocate $24 billion over the next 3 years.
Singapore to invest $24 billion in firms & workers to help them adapt
Aptly named ‘Emerging Stronger, Together’, Budget 2021 will focus on allowing Singapore to reemerge from the shadows of the Covid-19 pandemic more robustly.
In addition to tackling current issues, the government will help to expedite “structural adaptations” so firms and workers can bounce back stronger.
To achieve this, the government will be investing in 3 key enablers.
- Building a “vibrant business community” that focuses on innovation and is well-linked to Asia and the rest of the world.
- Catalysing an extensive range of capital that would allow firms to transform and grow.
- Creating opportunities that would allow Singaporeans to hone their “skills, creativity and talents”.
Hopefully, investments in these areas would help Singaporeans grow so they can realise their full potential.
Individuals & firms have to build new capabilities
The transformation is key as the Covid-19 pandemic has affected trends around the world, such as
- Kickstarted economic, social, and political shifts worldwide
- Promoted competition and cooperation in new areas
- Expedited technological developments
DPM Heng noted that individuals and businesses will need to build new capabilities and work together to keep Singapore afloat.
Enabling our people to have access to good jobs and job opportunities is the purpose for developing a strong economy.
He added that this is because a vibrant economy “creates jobs and opportunities for people to be at their best”.
Singaporeans shouldn’t be afraid
Among changes that Singaporeans had to adapt to in a Covid-19 world is working from home and adopting new methods to continue working with one another.
DPM Heng assured that,
Singaporeans should not be fearful.
He said this as Singapore possesses strengths that will ensure the creation of good jobs. All Singaporeans have to do, is to learn and adapt.
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Featured image adapted from Unsplash.Â
