SBF calls for strong execution of Singapore’s Economic Strategy Review

Businesses need clearer support to transform and stay competitive, the federation said.

The Singapore Business Federation (SBF) has welcomed the Economic Strategy Review, saying its broad direction will help strengthen Singapore’s competitiveness, resilience, and long-term growth.

SBF said Singapore must continue refreshing its economic model and sharpening its competitive edge as businesses navigate geopolitical fragmentation, technological disruption, energy volatility, and tighter manpower constraints.

The federation supported the review’s focus on new growth areas, enterprise transformation, and workforce adaptation, but said implementation will be critical.

It identified four priority areas: preserving cost competitiveness, making transformation support easier to access, taking a stronger “Singapore Inc” approach, and keeping Singapore open to foreign manpower.

On cost competitiveness, SBF said Singapore must keep regulatory burdens manageable, maintain strong infrastructure, and address cost pressures to remain attractive for investment, expansion, and higher-value activities.

On enterprise transformation, the federation said many firms understand the need to adopt AI and other technologies, redesign jobs, and upgrade skills, but often face fragmented schemes, agencies, and processes.

The federation added that better alignment across public agencies, government-linked platforms, and Temasek portfolio companies could help Singapore firms validate solutions, enter supply chains, and build track records.

For overseas expansion, SBF said financing alone is not enough. Companies also need advisory support, business matching, and in-market partnerships, particularly when entering newer and higher-risk markets.

On manpower, SBF said Singapore’s openness to global talent remains a key strength. However, firms continue to face pressures from recent across-the-board levy increases and sector-specific quota constraints.

SBF CEO Kok Ping Soon said the Economic Strategy Review “sets the right direction,” but execution will determine its impact.

“Businesses need confidence that Singapore will remain cost-competitive, open and globally connected,” Kok said.

SBF said it is ready to work with the government, unions, and industry partners to turn the review’s recommendations into concrete action for businesses and workers.