Singapore Prime Minister Lawrence Wong announced on August 18 that the city-state will minimise regulatory burdens to help businesses innovate and manage costs amid rising global competition. In his inaugural National Day Rally speech, Wong acknowledged that Singapore has fostered a favourable business environment but noted that regulations have expanded.
PM Lawrence Wong
“We need to do a thorough and proactive review of our rules and processes, and prune them back where possible,” Wong said, emphasizing the need to adapt to a more challenging economic landscape. He highlighted the shift in global manufacturing trends, where developed countries are now focusing on rebuilding their own industries, as seen with the phrase “invented in California, made in the USA.”
Wong pointed out that countries like China are also advancing their technological self-reliance with strategies like “Made in China 2025.” He stressed the importance of staying competitive by investing in research, development, and infrastructure. “We have to work even harder to stay competitive and push the frontiers of innovation and productivity,” Wong stated, asserting that Singapore’s strategies are showing positive results.