Singapore is also known for its vibrant manufacturing sector, namely in the electronics, chemicals and biomedical science space.
In his Budget 2023 speech, deputy prime minister Lawrence Wong announced that economic competition is only going to be stiffer in today's era. With that, Singapore must adapt quickly to survive and prosper in a troubled world.
"We have to redouble our efforts to attract high quality investments," says Wong, adding that the government will be focusing on growth sectors where Singapore can be highly competitive in. He also points out that Singapore has successfully maintained its reputation as the leading international financial centre in Asia.
