Singapore Prime Minister Lawrence Wong pledged more support for workers and households and said the government would step up efforts to secure energy supplies and attract investment as the city-state confronts growing global uncertainty. Speaking at the ruling People's Action Party convention on Sunday, Wong said major semiconductor companies were keen to expand in Singapore and artificial intelligence firms were establishing a presence.
Wong acknowledged that the benefits of economic growth remained uneven, as some workers struggle to keep pace with rising costs and others worry about job security. "Our task is not just to keep the economy growing," Wong said. "It is to make sure that growth translates into better lives for all Singaporeans."
Energy security is a growing concern. Indonesia said on Saturday it was cutting pipeline gas exports to Singapore by about 31 million standard cubic feet a day to meet domestic power demand. Wong said Singapore expected its gas supply contracts to be honored, and its gas importer would take the necessary steps to protect its rights. Singapore has invested in liquefied natural gas import facilities to diversify supplies and is seriously considering nuclear energy as a longer-term option. "Safety must come first, but we should not rule out an option simply because it is difficult or controversial," he said.
The AI and semiconductor boom offers the trade-reliant nation a chance to attract capital and create higher-paying jobs. Wong said he had met executives of major tech companies who were eager to expand their Singapore operations, and that OpenAI and Anthropic have established offices there. Singapore's economy expanded 5.4% in the third quarter, slowing from 6.2% in the second. Wong acknowledged that lower-wage workers are worried about living costs, while those in their 40s and 50s fear difficulty finding jobs after losing them. He promised further measures to ease household expenses. "There is much more to come, and we have a full agenda in this term of the government," Wong said.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing