PM Wong emphasizes stronger government-business partnership in Singapore

Singapore's Prime Minister Lawrence Wong highlighted the growing importance of collaboration between the government and businesses. Speaking at the Singapore Budget Symposium 2025, he pointed out that the global environment is becoming increasingly unstable, with rising tensions between major powers like the United States and China. PM Wong stressed the need for Singapore to maintain a strong economic foundation amid these challenges. He noted significant changes in the global order and emphasized that while Singapore cannot change these trends, it can influence its response to them. One key area of focus is the need to support businesses, which are essential to Singapore's economy. The government is committed to creating a pro-business environment, maintaining openness to trade, and investing in long-term strategies, including exploring nuclear energy. At the symposium, PM Wong discussed various initiatives from Budget 2025 that reflect the government's dedication to helping businesses. These initiatives include corporate tax rebates, cash grants, and adjustments to work permit regulations. He also mentioned plans to improve access to capital and enhance support for worker training and business transformation. While addressing concerns about foreign worker policies, PM Wong explained that the government cannot meet every request due to resource limitations and policy feasibility. Instead, he assured the audience that the government will seek alternative solutions, such as allowing companies to keep skilled workers longer and looking to expand workforce options from other countries. The Chairman of the Singapore Business Federation praised Budget 2025 as being substantial and forward-looking, expressing appreciation for the government's responsiveness to business feedback.