SINGAPORE: Singapore must take action to attract leading artificial intelligence (AI) firms and also build on its status as a major energy hub, a committee set up to chart new areas of growth and create jobs says in recommendations to the government.
The proposals come as the city-state bets on AI to transform its economy and its workforce, and as geopolitic tensions like the Iran war threaten to undermine growth and raise inflation.
Following are some of the recommendations made by the committee:
The committee said Singapore should respond to the difficult global environment by sharpening its value proposition and build agility and adaptability.
It should also persuade leading industries to “anchor” in the country, building on its role as a key node in supply chains for industries like semiconductors.
Promising sectors include quantum technologies and space technologies, which leverage existing capabilities in semiconductors, advanced manufacturing, aerospace and satellite systems, the committee said.
Further, the nation should also aim to be a “trusted hub” where AI is developed, tested and deployed, and could do this by attracting leading AI companies and talent.
Singapore should build on its role as an energy hub and build capabilities in emerging domains such as liquefied natural gas trading, as well as in hydrogen, ammonia, and sustainable aviation fuels.
Deputy Prime Minister Gan Kim Yong said this in speech at a business federation conference yesterday.
He said, “In a changed world, we cannot assume that yesterday’s strengths will automatically become tomorrow’s place.” — Reuters
