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At EuroCham’s AGM 2025, Minister for Manpower Dr Tan See Leng outlined the nation’s approach to navigating economic headwinds through talent development, global partnerships, and a shared digital and green agenda.
Dr Tan See Leng, Singapore’s Minister for Manpower delivered a speech at the European Chamber of Commerce (EuroCham) Annual General Meeting 2025 on 22 April. Minister Tan began by reflecting on the longstanding relationship between Singapore and the European Union (EU). He noted that this year marks 60 years of Singapore’s independence and six decades of European investment in the country. Today, the EU is Singapore’s second-largest services trading partner and its fourth-largest goods trading partner.
"Many global companies have established a presence in Singapore. There are more than 14,000 European companies today in Singapore, many of which use Singapore as their regional headquarters, logistics and distribution centres for the region.”
These firms provide strong support for the local economy. While foreign-owned companies account for about 20% of all firms in Singapore, they employ nearly a third of all resident workers. In addition, they create many high-paying jobs whereby six in 10 residents earn more than S$12,500 a month. Local small and medium enterprises (SMEs), in turn, benefit from the business these companies bring.
Investing in talent at home and abroad
Maintaining Singapore’s position as a global business hub depends on more than trade; it also relies on talent, Minister Tan affirmed, highlighting the dual strategy of developing local capabilities while attracting skilled individuals from overseas.
He pointed to Workforce Singapore’s (WSG) Career Conversion Programmes, which help companies reskill existing staff or train new hires. More recently, the Overseas Market Immersion Programme (OMIP), launched in November 2024, is giving Singaporeans global exposure to strengthen their readiness for international opportunities.
"I am grateful that EuroCham actively supported WSG in building the awareness of OMIP amongst your companies," Minister Tan acknowledged.
To complement local efforts, the Overseas Networks & Expertise Pass (ONE Pass) was introduced to attract top global talent with deep expertise and valuable international networks. Around 3,000 ONE Passes were issued in 2024, aimed at improving Singapore’s business landscape.
Navigating global economic challenges
Turning to broader global challenges, Minister Tan warned of an increasingly complex economic environment. He specifically referenced the recent US tariffs announced on 2 April, which have disrupted global trade. Although Singapore has been spared from the worst, being subject only to a 10% baseline tariff, he cautioned that these developments could represent a deeper shift.
"We could be witnessing the transition to a global order that is more arbitrary, protectionist and dangerous," he stated.
To support businesses and workers during this uncertain time, the government has set up the Singapore Economic Resilience Taskforce (SERT). This taskforce will monitor the global situation closely and adapt support measures as needed.
Strengthening global ties in digital and green sectors
Looking ahead, Minister Tan emphasised the importance of international cooperation. One area of focus is strengthening trade links between the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU. Together, the CPTPP and the EU make up nearly 30% of the world’s GDP.
Beyond trade, Singapore and the EU are working closely in the digital space. Last year, both sides concluded negotiations on the EU-Singapore Digital Trade Agreement. This is the first bilateral digital economy agreement between the EU and an ASEAN country. The agreement is expected to make cross-border digital trade smoother and more secure.
In the green economy, Minister Tan reiterated both parties’ shared goal of achieving net-zero carbon emissions by 2050. He called for deeper collaboration in areas such as green finance, standards, technology and innovation.
As he wrapped up his address, Minister Tan emphasised that Singapore hopes to remain a reliable partner for businesses. He also reinforced Singapore’s commitment to the rules-based international order and its openness to global partnerships.
Minister Tan closed with a hopeful message: "I hope to continue collaborating with EuroCham and the many European businesses in Singapore to foster innovation and sustainable growth and seize new opportunities, especially in the digital and green economy."
Lead image / Minister Tan See Leng's LinkedIn
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