High tariffs may result in multinational enterprises (MNEs) relocating back to produce in the US for the US. If this happens, it will have an impact on Singapore's economy.
Prime Minister Lawrence Wong noted that MNEs will also want to reconfigure their supply chains and invest in Asia for Asia.
These are new opportunities that can create good jobs for Singaporeans if the country’s business and political environment is stable.
He also spoke about jobs for new graduates, the retrenched and those in the workforce.
Prime Minister Lawrence Wong noted that MNEs will also want to reconfigure their supply chains and invest in Asia for Asia.
These are new opportunities that can create good jobs for Singaporeans if the country’s business and political environment is stable.
He also spoke about jobs for new graduates, the retrenched and those in the workforce.
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NewsTranscript
00:00Now, if America persists in its high tariffs, we have to be prepared, we have to be mentally prepared.
00:17Multinational enterprises here, particularly the American ones that manufacture to export goods all the way to America,
00:25they may say, look, it doesn't make sense to continue in Singapore. Tariffs are too high.
00:32Let's go back to America, produce in America for America, which is what this policy is about.
00:40America wants to bring back their companies, produce in America for America.
00:45If this happens, there will be a significant impact on our economy, and we have to be mentally prepared and brace ourselves.
00:54We have to adjust, and we can. We have done it before, we can do it again.
01:01One bright spot, one hope for optimism is that the Asian story continues.
01:13Asia continues to be the growth centre in this world. It's a large, it's a growing market with a rising middle class.
01:22And many companies will want to reconfigure their supply chains, and they will want to look for a trusted base to invest in Asia for Asia.
01:35And Singapore can position ourselves to benefit from these opportunities.
01:42But to do so, we must keep our business and political environment stable.
01:48We must continue to stay open and competitive.
01:51Then we can bring in a good pipeline of investments, and we can continue to create better jobs, better opportunities for all Singaporeans.
02:02Now, all this will require a major restructuring of the economy, which we will have to carefully manage.
02:17And that's why, again, we need experienced hands, we need capable people to help steer us through.
02:23I know the new jobs will be different from the ones that we have today.
02:28And so we will also invest significantly in Singaporeans to help you re-skill, up-skill, to help you prepare yourselves well for these new opportunities.
02:40For new graduates, I say, do not fear. We will be there all the way for you.
02:46We will step up career counselling, career sessions, job matching programmes in our institutes of higher learning.
02:57We will help you secure apprenticeships and traineeships. We will help you find jobs.
03:04For those who are already in the workforce, I say to you, we will give you a fresh and substantial injection of skills.
03:18This will help you stay competitive and relevant. We have already invested significantly in skills' future.
03:25And we will continue to improve this system of lifelong learning so that it's easier for you to get trained, to re-skill, to up-skill, to find courses that are suited for you and to secure better jobs for yourselves.
03:41And for people who lose their jobs, it's tough. But I tell you, we will be there to catch you and help you bounce back stronger.
03:56In fact, just a few weeks ago, we launched a new scheme. It's called the Job Seeker Support Scheme.
04:01It's our version of unemployment insurance. But it's better.
04:06Because we will provide you with temporary assistance for up to six months.
04:11But it's not just about the payouts. We are also going to walk alongside you, support you, provide you with career counselling, coaching and job training.
04:27This scheme has just started. It's just as well we've done this now.
04:31Because as we encounter more storms, more uncertainty, if there are more retrenchments, there will be a safety net to help you and support you.
04:45And we will learn from this experience as we roll out the scheme, we will continue to fine tune it, improve it and make sure that every Singaporean is well taken care of.