Access to global talent needed to grow Singapore’s economy—MOM

The ministry outlined four key enablers to grow the economy.

Accessing global talent is one of the key strategies the Ministry of Manpower is looking to implement to grow Singapore’s economy, Senior Minister of State for Manpower Koh Poh Koon said during the debate on the President’s speech.

“Singapore must continue working with and learning from the best, from around the world,” Koh said. He also added that access to global talent also attracts foreign investments and MNCs to grow the economic pie and continue creating good jobs for Singaporeans.

Another key move is transforming the workforce to meet business needs. Koh said MOM has set aside over $400m for the Enterprise Workforce Transformation Package (EWTP) to spur workforce transformation, through the SkillsFuture Workforce Development Grant and the redesigned SkillsFuture Enterprise Credit.

“This will enable workers to upgrade their skillsets and businesses to adapt to the evolving economic landscape,” Koh said.

Koh also said there was a need for the human resource profession. The Tripartite Workgroup on Human Capital Capability Development, a joint task force in Singapore formed by representatives from the government, the National Trades Union Congress (NTUC), and the Singapore National Employers Federation (SNEF) to address key issues in the economy and workforce, will strengthen HR practices and level up human capital capabilities across the economy to maximise workforce potential and support business growth.

Koh said they also aim to reduce compliance burden. This includes using the Inter-Ministerial Committee on Pro-Enterprise Rules Review to streamline regulations, especially for SMEs, to help businesses remain competitive in a pro-enterprise environment.

“In this world of accelerating change, we will ensure that opportunities remain open to all. For those who stumble despite their best efforts, we will help them bounce back with confidence,” Koh said.