Singapore must ‘move up the value chain’: DPM Teo
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SINGAPORE: To create an "even more vibrant economic future", Singapore must adjust its economic strategies said Deputy Prime Minister Teo Chee Hean on Monday (Jul 20).
Speaking at the Economic Development Board (EDB) Scholarship Award ceremony, Mr Teo said Singapore's proximity in the region puts it in the "centre of an ocean of opportunities", and it must seize these opportunities by "moving up the value chain".
"Consumer-oriented firms will be keen to gain compelling consumer insights, create new products and services to meet growing regional needs, and hire people with the right skills, knowledge and industry experience to expand their business in the region," he said.
Singapore's economy needs to rely less on unskilled foreign labour, and focus more on raising productivity, he said, adding that there are opportunities for Singaporeans to sharpen their skills with initiatives like SkillsFuture.
At the annual award ceremony, EDB handed out scholarship awards to five pre-university students with outstanding track records in academics and in their co-curricular activities.
The scholarship is awarded to pre-university students with GCE A Levels, International Baccalaureate or Diploma (NUS High or equivalent). Award recipients must also display initiative, talent and creativity, as well as a drive to further EDB’s vision of building and transforming Singapore's economy, it said.
The recipients this year are Ong Ze Xuan from NUS High School of Math and Science, Gavin Soh from Victoria Junior College, Kevin Goh from Raffles Institution, and Toran Labhaya Seth and Christopher Chiah from Anglo Chinese School (Independent).
With the scholarship awards, the students can pursue their studies in top overseas universities. After graduating, they will serve a six-year bond with EDB.
- CNA/eg
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