[Parliament]Wang Ruijie: Start to promote Singapore's economic development from three aspects

Under the surround of factors such as instability in the international situation, game between major powers, and intensified trade protectionism, my country must start from three aspects to continue to maintain the momentum of economic development and create a better future for the people.

This includes continuing to promote economic transformation, continuing to develop a research, innovation and enterprise (RIE) ecosystem, and encouraging people to continuously improve themselves and learn new skills to strengthen employment security.

Deputy Prime Minister Wang Ruijie outlined these three responses when Congress participated in the government's fiscal policy debate in the new fiscal year on Thursday (February 27). He said that over the years, my country has invested funds to support research, innovation and corporate activities every year, accounting for about 1% of the GDP. The government has also promised to invest 28 billion yuan in the Research, Innovation and Enterprise 2025 Plan (RIE 2025).

Wang Ruijie pointed out that while my country is promoting these projects, it must also realize that these investments account for only a small part of global scientific research expenditure. Therefore, our country is also working with regional and global partners to achieve synergies.

my country will strengthen international ties and cooperation to consolidate Singapore's position as a neutral and trustworthy “Global-Asia node”. This includes contributing to solving global challenges to address shared scientific challenges in population aging and fighting pandemics.