Singapore needs to attract AI giants, expand energy hub status, growth committee says

SINGAPORE, May 13 (Reuters) – Singapore must take action to attract leading AI firms and also build on its status as a major energy hub, a committee set up to chart new areas of growth and create jobs said in recommendations submitted to the government on Wednesday. 

The proposals come as the city-state bets on artificial intelligence to transform its economy and its workforce, and as geopolitic tensions like the Iran war threaten to undermine growth and raise inflation. 

Following are some of the recommendations made by the committee: 

• The committee said Singapore should respond to the difficult global environment by sharpening its value proposition and build agility and adaptability.

• Singapore should persuade leading industries to “anchor” in the country, building on its role as a key node in supply chains for industries like semiconductors.

• Promising sectors include quantum technologies and space technologies, which leverage existing capabilities in semiconductors, advanced manufacturing, aerospace and satellite systems, the committee said.

• Singapore should also aim to be a “trusted hub” where AI is developed, tested and deployed, and could do this by attracting leading AI companies and talent.

• Singapore should build on its role as an energy hub and build capabilities in emerging domains such as liquefied natural gas trading, as well as in hydrogen, ammonia, and sustainable aviation fuels.

• Deputy Prime Minister Gan Kim Yong delivered a speech addressing the recommendations at a business federation conference on Wednesday.

• He said, “In a changed world, Singapore cannot assume that yesterday’s strengths will automatically become tomorrow’s place.”

(Reporting by Jun Yuan Yong; Editing by David Stanway )