Speech by SMS Tan Kiat How at the Launch of "Enabling Sustainable Growth: Shaping the Future of Work" Exhibition

Oct 24, 2024


A very good morning, and I am very happy to join all of you here today to launch this exhibition, entitled “Enabling Sustainable Growth: Shaping the Future of Work”, as part of our 2025 Draft Master Plan review.

Singapore’s economic direction

Singapore is a small city-state with an open economy, in a rapidly changing world. With no natural resources and no hinterland, Singapore is considered by many external commentators as something of an economic miracle. But we did not get here by chance. It is the discipline of long-term planning, careful stewardship and sound governance, amongst other factors, that has enabled our economy and nation to thrive.

The Singapore Economy 2030 vision outlines the next phase of our economic strategy. 

It brings together four pillars – trade, enterprise, manufacturing and services.

These include:

  • expanding trade globally by strengthening Singapore’s connectivity to the world,
  • developing a vibrant and inclusive ecosystem of future-ready local enterprises,
  • and increasing the value-add of manufacturing and modern services by attracting businesses and investments and harnessing growth opportunities.

Our efforts to grow our digital and green economy will provide new opportunities for job creation and business transformation. The Government is also actively working with businesses to leverage technology in transitioning to a low-carbon economy, to seize economic opportunities while meeting our sustainability commitments.

To support the Singapore Economy 2030 vision, we must continue to take a long-term view for land planning and carefully steward our limited land and space to maximise opportunities for sustainable economic growth, while catering to other uses to create a quality living environment for Singaporeans. We will adopt three strategies:

  • First, expand and rejuvenate our economic spaces to support the needs of businesses and workers.
  • Second, find innovative ways to respond to evolving trends and go beyond business-as-usual.
  • Third, strengthen our Downtown and economic gateways. 

Land use strategies to support sustainable growth

Expand and Rejuvenate Economic Spaces

Let me first elaborate on how we are rejuvenating and expanding our network of business nodes to drive economic growth and create more job opportunities for Singaporeans.

  • Our Downtown remains our core financial hub, and we will inject more mixed-use offerings, such as residential and recreational uses, to transform the area into a lively urban precinct.
  • It is complemented by key economic gateways in the east, west and north. These gateways connect us and our enterprises to the world. They are supported by regional and sub-regional centres such as Tampines Regional Centre and Bishan Sub-Regional Centre.
  • By strategically locating our business nodes in different areas, we are able to provide more diverse spaces to cater to a variety of needs across different sectors, and improve collaboration and productivity by clustering businesses with other related activities and infrastructure. 

We are not starting from scratch. The idea of decentralisation was first mooted in the 1991 Concept Plan. By distributing office and industrial spaces across our island, we have brought jobs and amenities closer to homes, and better optimised our transport network. These complementary strategies of decentralisation and growing our business nodes enable us to support the diversification of our economy and achieve sustainable growth.  

To help Singapore maintain its competitive edge, we have also evolved how we plan and rejuvenate economic spaces. For example,

  • Our workspaces and industrial spaces have evolved over the years – one example is that we have introduced new land use zones and schemes like Business-White sites and Enterprise Districts.
  • We have also shifted from mono-use areas to mixed-use districts, to provide more flexible spaces for businesses and better amenities for workers. 

Innovative Ways to Meet Evolving Business Needs

As we transition into a green economy, we need innovative ways to better meet the evolving needs of businesses.

  • URA is reviewing its planning guidelines, and engaging businesses to better understand their needs and operating considerations.
  • We will also explore refining policies and plans to integrate more uses, such as residential and recreational spaces within industrial and commercial developments, to create more mixed-use districts. 

Strengthening Downtown and our Economic Gateways

Let me now turn to our plans for our Downtown and three gateways.

First, our Downtown. This remains our core financial hub and we are evolving it into an attractive multi-purpose destination.

  • To strengthen the destination appeal of Marina Bay, more meeting, convention and exhibition spaces are being added in the Marina Bay Sands Integrated Resort, and we are developing a new wellness attraction in Marina South.
  • URA is also reviewing the CBD Incentive and Strategic Development Incentive schemes, and will share updates when ready.

Second, our Eastern Gateway, which leverages Changi Airport’s connectivity to the world.

  • We will develop a new Ground Transportation Centre at Terminal 5, to integrate bus and rail services, and other point-to-point transportation services. This will improve Changi Airport’s connectivity to the rest of the island.
  • We will also expand Changi Aviation Park, through the upcoming Changi East Industrial Zone and a second Airport Logistics Park. This will strengthen Singapore’s role in global aviation, enhance our overall logistics ecosystem, and support the growth of Singapore’s air cargo handling capacity.
  • The future Changi East Urban District at Changi City, together with Changi Business Park, will enable the growth of an aerospace-related business ecosystem that can capitalise on the proximity to and synergies with Changi Airport. 

Third, our Western Gateway, a key economic engine of Singapore’s economy. This is anchored by Jurong Lake District, Jurong Innovation District and Tuas Port.

  • We are confident of the opportunities that Jurong Lake District can offer and committed to developing it into the largest business district outside the city centre. Although the recent tender for the Master Developer site was not awarded, we have placed the site on the Reserve List of the GLS Programme should there be interest.
  • An 11km long Sky Corridor for pedestrians, cyclists and autonomous shuttles will be built in Jurong Innovation District to facilitate more seamless movement of people. The first phase will be completed in 2025.
  • Development of Tuas Port is well underway. When fully developed in the 2040s, it will be the world’s largest fully automated port at a single location. A new integrated building is expected to be completed by 2027, to house MPA’s Port Control Centre and port-related companies.
  • Residents and workers in Jurong will also enjoy improved connectivity to other parts of the island, when the Jurong Region Line and Cross Island Line are completed. 

Fourth, our Northern Gateway will continue to grow as a major anchor for high-value manufacturing and general industries, with Woodlands as the key commercial centre in the north.

  • Businesses in Woodlands Regional Centre can expect easier access to markets and operations in Johor in the future, with the upcoming RTS link and ongoing efforts to establish a Johor-Singapore Special Economic Zone.
  • We have also designed more flexible spaces that businesses can tap on to meet new business needs. For example, the Woodlands Experimental Zone allows manufacturing companies to use a higher proportion of their industrial spaces for uses such as prototyping and product design alongside their manufacturing operations. 

Partnering our stakeholders

The Government will continue to work closely with industries, businesses and workers to plan and design a diversity of spaces that can better meet the needs and aspirations of our workforce. So I invite all of you to share your ideas and feedback on the plans for our business nodes. We work very closely with all stakeholders to get your views, feedback and suggestions, and we encourage all of you to share your thoughts with us. I thank all of you for participating in this journey.

Thank you.