August M
Singapore should move quickly to attract major artificial intelligence companies and strengthen its position as a regional energy hub if it wants to remain competitive in a changing global economy, according to a new government-backed growth committee.
The recommendations come as the city-state faces mounting geopolitical pressures and intensifying competition for technology investment, reports Reuters.
AI expansion plans
Reuters reported that the committee, created to identify future growth sectors and employment opportunities, submitted its proposals to the government on Wednesday.
The panel said Singapore must sharpen its global appeal and become more adaptable as international trade tensions and conflicts threaten economic stability.
Among the recommendations was a push to encourage major industries to “anchor” themselves in Singapore, particularly sectors linked to semiconductors and advanced manufacturing.
The committee also highlighted emerging industries including quantum technology and space technology, saying Singapore could build on existing expertise in aerospace, satellite systems and chip production.
Officials further recommended positioning the country as a “trusted hub” for the development, testing and deployment of artificial intelligence systems.
Energy hub ambitions
The report also called on Singapore to deepen its role in global energy markets by expanding capabilities in liquefied natural gas trading and low-carbon fuel technologies.
According to Reuters, the committee identified hydrogen, ammonia and sustainable aviation fuels as important future sectors for investment and growth.
Singapore has long served as a major shipping and energy trading centre in Asia, but policymakers are now looking to adapt that role for a lower-carbon global economy.
The recommendations arrive as energy prices and inflation remain vulnerable to geopolitical instability, including tensions linked to conflict in the Middle East.
Warning on competition
Deputy Prime Minister Gan Kim Yong addressed the proposals during a business federation conference on Wednesday.
“In a changed world, Singapore cannot assume that yesterday’s strengths will automatically become tomorrow’s place,” he said.
The government has increasingly promoted AI adoption and digital transformation as central pillars of Singapore’s economic strategy.
Officials hope new investments in technology and energy sectors will help create jobs while protecting growth in a more uncertain global environment.
Sources: Reuters
