PUBLISHED ONAugust 08, 2024 10:58 AMByKhoo Yi-HangIn his first National Day message on Thursday (Aug 8) as prime minister, Lawrence Wong reflected on Singapore's past and spoke about the "exciting opportunities and possibilities" in the future.
"We may be a young nation, but we have overcome much together, so we have good reasons to be confident about our future," Wong said in his speech.
"Despite the challenges, we will take Singapore onwards and upwards."
Wong was sworn in on May 15, becoming Singapore's fourth PM.
He was addressing the nation from Sri Temasek on the Istana grounds while his office in the main Istana building is undergoing extensive renovation.
Sri Temasek is also where Lee Kuan Yew and his family spent the night of Aug 8, 1965, Wong added, stating how Lee had "tossed and turned that night, consumed with worry of how to build a nation from scratch".
Lee had flown back to Singapore that morning with the Separation Agreement and moved into Sri Temasek out of security concerns.
"With grit and determination, they (Lee and his colleagues) overcame enormous odds and laid the foundations upon which we stand today," he said.
In his speech, he also highlighted some of the global challenges ahead that affect Singapore, saying there are "powerful forces that shape our operating environment".
"They are what keep me awake at night," he said.
He pointed out how conflicts in Europe and the Middle East are showing no signs of abating, and that tensions between the US and China are still on the rise.
And across the world, there's growing populism, economic nationalism and protectionism.
"Granted, we are no longer building a nation from scratch, but neither can we afford to cruise along and just rely on existing formulas.
"We have to act with agility, foresight and gumption. We have to seek fresh solutions and chart our own path to take Singapore forward."
Wong also addressed key concerns regarding cost of living in Singapore.
Acknowledging that cost of living is a "major concern" for Singaporeans, he admitted that global prices cannot be controlled.
"But we can and have shielded Singaporeans from the worst effects of global inflation by keeping the Singapore Dollar strong," he said.
Wong added that wages are expected to increase with higher economic growth this year.
This is on top of support measures like CDC vouchers, cash payouts and utilities rebates.
He also believes that the long term means of managing cost of living is to "foster innovation and enhance productivity across our economy".
On housing affordability, Wong also shared that there have been additional cooling measures and increased supply of new HDB flats stabilise the property market.
"In October, HDB will launch the first batch of flats under the new Standard, Plus and Prime framework. Flats in the Plus and Prime areas will now be priced more affordably, as they will receive heavier subsidies.
"But to keep the system fair, the additional subsidies will have to be returned to HDB when the flats are resold later," Wong explained.
He also stressed that the government is determined to keep public housing in Singapore accessible, affordable and fair.
Wong also highlighted increased opportunities for Singaporeans and social support in Singapore.
These opportunities will come from investing in research and development and in new technologies like robotics and Artificial Intelligence.
Changi Airport Terminal 5 and Tuas Port will also sharpen Singapore's competitive edge as a global logistics hub.
"These strategies are working. In recent weeks, I have met with many CEOs of multi-national enterprises. They all express confidence in Singapore," he said.
"In a fractured and troubled world, they see Singapore as a stable, trusted and reliable base to expand and grow their operations in Asia."
He also addressed plans for improving the social support system in Singapore.
"In the last two Budgets, we made several moves to uplift lower-wage workers, support vulnerable families, and boost retirement adequacy," he said, mentioning nationwide initiatives like Healthier SG and Age Well SG.
However, more support is expected down the line to strengthen social safety nets.
"We have some ideas on how to do so, which I will share at the National Day Rally."
Wong also encouraged Singaporeans to work together to bring Singapore into the future.
"This National Day, we have every reason to rejoice and much to be proud of," he said.
He added: "59 years ago, we were a third-world nation, with paltry means whether to earn a living or to defend ourselves. Today, we are one of the world's busiest sea and airports, most liveable cities, and most educated populations."
He also said: "My fellow Singaporeans, we are in this together. We are in this for each other. Let us take Singapore forward, together as one united people."
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