Take another challenge, which is that of rapid technological advancement. I think we are on the cusp of yet another major wave of technological advancements and breakthroughs. When I was your age, the big thing was the internet that had just come into being. The World Wide Web, it was a novelty. That novelty that started in the early 90s led to huge breakthroughs and transformations across businesses. No one could have predicted in the early 90s what the internet could be used for. In the end, it led to e-commerce, business transformation, social media platforms and it is now creating the Internet of Things. So many transformations.
Today, what is new – AI. We are seeing the dawn of AI which I am sure in the next 20-30 years, will have an even bigger impact compared to the internet during my time. For now, everything we hear about AI is Large Language Models (LLMs), ChatGPT. But the potential use cases for AI goes well beyond ChatGPT. It will change how we innovate, how we work, how we learn and teach, how we collaborate and interact with one another. It will change everything for everyone. And you will experience these changes in your lifetime.
These are big and powerful forces shaping our operating environment. We do not have much control over them, they will happen. And sometimes, looking from our perspective in this tiny island: it can be easy to get overwhelmed by these big changes. But I say: never fear! We in Singapore have the ability to adapt and adjust to a new environment, and to survive and thrive in this dangerous world. In fact, this is what we have been doing this last 60 years as a nation. And we can continue to do so going forward.
What are some of our strategies to take Singapore Forward in this new phase? Let me share some of my thoughts.
First, we are taking active steps to refresh our social compact, and to strengthen our sense of solidarity and unity as a country.
That is why we embarked on the Forward Singapore exercise.
What does it mean to have a refreshed social compact? For one, the Government will do more to provide assurances for Singaporeans at every stage of life.
Which means, we want Singaporeans to feel assured that they can look forward to affordable and quality homes, a good healthcare system, and an education system that nurtures diverse talents, amongst others. We will have stronger safety nets to help Singaporeans bounce back from setbacks. And we want to have in place a system where no one feels that they have to fend for themselves in an uncertain world; instead, we reaffirm our commitment to one another, and that we will always have each other’s backs.
The Government will do more to achieve this. But this work cannot be done by the Government alone because individuals must also take responsibility for themselves and their families. To illustrate, the Government can do more on healthcare. In fact, we are doing more. We want to spend more on preventive health, which is called Healthier SG to give people the power and ability to take better care of their own health through active lifestyle, diets and so on. But Singaporeans must do your part too, to stay active and maintain healthy lifestyles. We cannot do that for you, we can promote, invest in preventive care, we can make health screenings cheaper but you have to do your part as well.
Another example, the Government can spend more on skills upgrading and development, and we will. We will make courses cheaper, we will make courses more effective, more easy to access but Singaporeans must also step forward to go for training and to continually pick up and improve your skills.
Another example, the Government will want to do more to uplift the wages of lower-income workers. We want to see them improving their wellbeing, we want to see them earning more in their own right. But higher pay for workers means cost must also go up. All of us must, as Singaporeans, must also be prepared to pay more for the services delivered by our fellow citizens, and respect them for the essential work that they do.
That is why we call this a social compact – it is about the roles all of us in society play, and the responsibilities we owe to each other. We want a compact that is fair and inclusive for all segments of society – one which will strengthen social capital and foster trust, and enable us to progress together as one people.
Second, we will provide more opportunities for all Singaporeans to chart your own paths – to pursue your diverse aspirations, and your own definitions of success.
All of you will have access to far more opportunities than my peers and I had when we were your age.
Back then, it was quite simple, people just focussed on a few key professions, as what they deemed to be successful careers. You be a doctor, lawyer, accountant, teacher or engineer.
These days there are many more options, and career pathways. And that reflects our more diversified economy today. For example, we have leading global companies in aerospace, biotech and pharmaceuticals. They have set up shop here and offer good jobs for Singaporeans. In professional services, there are many opportunities for you to pursue, in Finance, IT, marketing and communications, amongst others.
Moreover, attitudes and mindsets are shifting.
For example, in healthcare, we no longer focus solely on the doctors. We also recognise the experience and expertise of many others – nurses, physiotherapists, occupational therapists, radiographers – all who put in their hearts and souls in supporting every patient's recovery.
I see many more young people becoming their own bosses because the start-up scene has become more vibrant and there is a wider range of venture capitalists based here in Singapore. More and more are embracing less conventional paths, like being full-time athletes, or even digital content creators.
