MP Edward Chia sought to amend a parliamentary motion on Wednesday calling for an economy of the future that works for all [1].
The proposal aims to refine Singapore's economic framework to ensure that growth is inclusive and sustainable. By linking entrepreneurship and innovation to specific strategic reviews, the amendments seek to bridge the gap between high-level policy and practical job creation.
Chia proposed three strengthening amendments [1]. The first amendment focuses on aligning inclusion, entrepreneurship, innovation, and the creation of good jobs with the Economic Strategy Review [1]. This alignment is intended to ensure that the economy's evolution benefits a broader segment of the workforce.
Another key component of the proposal is the recognition of a dual-track business environment [1]. Chia said the motion should acknowledge the necessity of both dynamic local firms and global enterprises to maintain a competitive edge. This balance is viewed as essential for a resilient economy that can withstand global shocks while fostering home-grown talent.
Finally, the amendments seek to ensure that healthy domestic demand is supported [1]. This focus on the internal market is designed to complement Singapore's traditional reliance on foreign investment and trade.
The debate over the motion was extensive, lasting more than eight hours [2]. During the proceedings, the Workers' Party agreed to three of four amendments [2].
The discussion in the House of Parliament highlights ongoing tensions regarding how to distribute the gains of a digital and green economy. The focus on the Economic Strategy Review suggests a push for more measurable benchmarks in how the government supports local businesses against global giants.
“MP Edward Chia proposed three strengthening amendments to a parliamentary motion on the future economy.”
This move indicates a legislative effort to shift Singapore's economic focus toward a more balanced model. By emphasizing domestic demand and the viability of local firms alongside global corporations, the proposed amendments suggest a strategy to reduce vulnerability to international market volatility and improve the quality of local employment.
