PM Wong Emphasises the Need for Resilient Partnerships Amid Global Uncertainty
Prime Minister Lawrence Wong has underscored the growing importance of cooperation between the government and the business community, highlighting its critical role in securing Singapore’s economic stability in an increasingly volatile global environment. Speaking at the Singapore Budget Symposium 2025 on March 19, Wong acknowledged the challenging geopolitical landscape and economic unpredictability, stressing that despite the turbulence, Singapore must maintain its strong economic fundamentals.
The prime minister described the shifting global order as increasingly hostile, with rising tensions between major powers. “The world is becoming more like a lawless jungle where might is right,” Wong warned. He pointed out that while these global trends cannot be altered, Singapore’s approach to them can be shaped to safeguard the nation’s interests.
Wong outlined several strategies for responding to these challenges, including reinforcing Singapore’s pro-business environment and maintaining its openness to global trade and investment. He also noted the importance of long-term planning, which could involve exploring nuclear energy as a potential future resource.
A key theme in Wong’s address was the need for national unity, particularly through strengthened tripartite partnerships between the government, unions, workers, and businesses. He referred to this as the “Singaporean way” of collaboration and emphasised that this model would become even more crucial in the years ahead.
The prime minister highlighted the intensifying rivalry between the United States and China, with both nations showing aggressive rhetoric towards one another. Wong noted that the focus of major powers has shifted towards security and defence, with some countries increasingly willing to use force to further their objectives at the expense of smaller nations.
Amid these global challenges, Wong reaffirmed the government’s commitment to supporting businesses, which remain the backbone of Singapore’s economy. This was reflected in Budget 2025, which included targeted measures aimed at supporting business growth and addressing key concerns voiced by the business community. These initiatives include immediate cost relief, such as a corporate income tax rebate and cash grants, as well as adjustments to the work permit framework to improve access to labour and capital.
Furthermore, the government is enhancing support for business transformation, workforce training, and access to government schemes that help companies remain competitive in the global market.
Wong also addressed the realities of the budget process, acknowledging that while the government may not be able to meet every request, it remains committed to engaging with the business community and addressing key issues through alternative solutions. He cited the example of businesses requesting relaxed foreign worker parameters, explaining that while such a move could strain infrastructure, the government would seek other ways to support businesses, such as extending the retention period for skilled workers and expanding access to workers from non-traditional source countries.
SBF Chairman Lim Ming Yan praised the government’s efforts, calling Budget 2025 “substantive and forward-looking”, and expressing gratitude for the incorporation of business community feedback into the policy decisions.
